Real Gross Domestic Product: Wood Product Manufacturing (321) in Colorado
COWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
304.20
Year-over-Year Change
27.71%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product (GDP) for Wood Product Manufacturing (321) in Colorado measures the inflation-adjusted economic output of this industry in the state. It provides insights into the productivity and growth of this important manufacturing sector.
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
The Real GDP for Wood Product Manufacturing (321) in Colorado tracks the total value of goods and services produced by this industry, adjusted for changes in prices. It is a key economic indicator used to analyze the performance and competitiveness of Colorado's wood products manufacturing industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price information.
Historical Context
Trends in this indicator are closely watched by policymakers and industry analysts to inform economic and workforce development strategies.
Key Facts
- Colorado is a major producer of wood products in the U.S.
- The wood products industry contributes over $2 billion annually to Colorado's economy.
- This metric grew by 3.2% in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the real (inflation-adjusted) gross domestic product of the wood product manufacturing industry in Colorado.
Q: Why is this trend relevant for users or analysts?
A: The real GDP of the wood products industry in Colorado provides valuable insights into the productivity, competitiveness, and growth of this important manufacturing sector within the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price information.
Q: How is this trend used in economic policy?
A: Trends in this indicator are closely watched by Colorado policymakers and industry analysts to inform economic and workforce development strategies for the state's wood products manufacturing sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Colorado (COWPMANRGSP), retrieved from FRED.