Real Gross Domestic Product: Machinery Manufacturing (333) in Florida
FLMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,427.10
Year-over-Year Change
88.20%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Machinery Manufacturing (333) in Florida measures the real output of the machinery manufacturing industry in the state. It is a key indicator of economic activity and competitiveness in 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 Gross Domestic Product: Machinery Manufacturing (333) in Florida tracks the real value-added output of firms in the machinery manufacturing industry, specifically those in the NAICS 333 classification. This metric provides insight into the productivity and performance of this crucial component of the state's manufacturing base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures and price deflators.
Historical Context
Policymakers and economists monitor this trend to assess the health and competitiveness of Florida's manufacturing sector.
Key Facts
- Florida is a major hub for machinery manufacturing in the U.S.
- The machinery industry accounts for over 10% of the state's total manufacturing GDP.
- Real GDP in Florida's machinery sector has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Machinery Manufacturing (333) in Florida measures the real output or value-added of the machinery manufacturing industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and competitiveness of a key component of Florida's manufacturing base, which is crucial for economic growth and policymaking.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures and price deflators.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the health and competitiveness of Florida's manufacturing sector, which informs decisions around economic development, trade, and industry support.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in Florida (FLMACHMANRGSP), retrieved from FRED.