Real Gross Domestic Product: Military in Colorado
COGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,818.50
Year-over-Year Change
8.57%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Military in Colorado' measures the inflation-adjusted economic activity generated by the military sector in Colorado. This metric is crucial for policymakers to understand the role of the military in Colorado's regional economy.
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 series tracks the real (inflation-adjusted) gross domestic product (GDP) for the military sector in the state of Colorado. It provides insight into the economic contribution and performance of military-related activities, which is an important component of Colorado's overall economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This metric is widely used by economists, policymakers, and defense industry analysts to assess the economic impact of military activities in Colorado.
Key Facts
- Colorado's military GDP accounts for over 5% of the state's total economic output.
- The military sector in Colorado employs more than 200,000 people.
- Defense spending has been a key driver of economic growth in Colorado in recent decades.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the military sector in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the economic importance of the military sector in Colorado and its impact on the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and defense industry analysts to assess the economic impact of military activities in Colorado and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly, with a typical delay of 2-3 months. There may be occasional revisions to historical data as the BEA refines its methodology.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Colorado (COGOVFEDMILRGSP), retrieved from FRED.