Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Colorado
COFOODBEVTOBMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
111.35
Year-over-Year Change
32.28%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Colorado measures the inflation-adjusted output of this industry sector in the state. It is a key indicator of economic activity and productivity in this important manufacturing segment.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks changes in the real, volume-based output of the food, beverage, and tobacco manufacturing industries in Colorado. It is a valuable metric for analyzing the performance and competitiveness of this sector, which is a significant contributor to the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this index to gauge the health and trajectory of Colorado's food, beverage, and tobacco manufacturing industries.
Key Facts
- Colorado's food, beverage, and tobacco manufacturing sector accounts for over 10% of the state's total GDP.
- This index has shown steady growth over the past decade, indicating rising productivity in the industry.
- The COVID-19 pandemic temporarily disrupted supply chains and production, leading to a decline in the index in 2020.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Colorado measures the inflation-adjusted output of this industry sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of economic activity and productivity in Colorado's important food, beverage, and tobacco manufacturing industries, which are significant contributors to the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this index to gauge the health and trajectory of Colorado's food, beverage, and tobacco manufacturing industries, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The index data is published on a regular schedule, but there may be occasional delays or revisions due to the complex nature of national accounting and industry data collection.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Colorado (COFOODBEVTOBMANQGSP), retrieved from FRED.