Gross Domestic Product: Military in Connecticut
CTGOVFEDMILNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,140.50
Year-over-Year Change
16.87%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Military in Connecticut measures the economic output of the military sector within the state of Connecticut. This metric is important for understanding the role of defense spending in Connecticut's 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 represents the total value added to Connecticut's gross domestic product by the military and defense industry. It provides insight into the size and significance of the military's economic footprint in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
Analysts and policymakers use this metric to evaluate the economic dependence of Connecticut on military contracts and spending.
Key Facts
- Connecticut has a large military and defense industry presence.
- Military output accounts for a significant portion of Connecticut's GDP.
- Defense spending is an important driver of economic activity in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added to Connecticut's gross domestic product by the military and defense industry within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic importance of the military sector in Connecticut, which is crucial for understanding the state's economic dependence on defense spending.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to evaluate the economic dependence of Connecticut on military contracts and spending, which can inform policy decisions related to defense budgets and economic diversification.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedules and potential revisions as other national income and product account statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Military in Connecticut (CTGOVFEDMILNGSP), retrieved from FRED.