Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Colorado
COMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.10
Year-over-Year Change
13.48%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Colorado measures the real output of the manufacturing sector in Colorado, adjusting for inflation. This metric is crucial for economists to gauge the health and productivity of Colorado's manufacturing industry.
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 the real, inflation-adjusted gross domestic product (GDP) originating from the manufacturing sector in Colorado. It provides a volume-based measure of economic activity, rather than a dollar-based one, enabling direct comparison of output over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using the chain-type method to adjust for price changes.
Historical Context
Policymakers and market analysts use this index to monitor the performance of Colorado's manufacturing sector and its contribution to the state's overall economic growth.
Key Facts
- Colorado's manufacturing sector accounts for approximately 8% of the state's GDP.
- The index uses 2012 as the base year for real GDP calculations.
- Manufacturing makes up around one-fifth of Colorado's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of Colorado's manufacturing sector, providing a volume-based gauge of economic activity in this key industry.
Q: Why is this trend relevant for users or analysts?
A: This index is crucial for economists and policymakers to assess the health and productivity of Colorado's manufacturing industry, which is a significant contributor to the state's overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using the chain-type method to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this index to monitor the performance of Colorado's manufacturing sector and its contribution to the state's overall economic growth, informing policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Colorado (COMANQGSP), retrieved from FRED.