Gross Domestic Product: Chemical Manufacturing (325) in the Great Lakes BEA Region
GLAKCHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114,188.00
Year-over-Year Change
93.06%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Chemical Manufacturing (325) in the Great Lakes BEA Region tracks the economic output of the chemical manufacturing industry in the Great Lakes states. This metric is important for understanding regional economic trends and informing policy decisions.
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 measures the gross domestic product (GDP) contribution of the chemical manufacturing industry in the Great Lakes Bureau of Economic Analysis (BEA) region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin. It provides insight into the scale and performance of this key industrial sector within the broader regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Policymakers and industry analysts use this metric to assess the competitive position and growth of the chemical manufacturing sector in the Great Lakes region.
Key Facts
- The Great Lakes region accounts for over 30% of U.S. chemical manufacturing GDP.
- Chemical production has grown by 5% annually in the region since 2015.
- The chemical industry employs nearly 500,000 workers across the Great Lakes states.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the gross domestic product (GDP) contribution of the chemical manufacturing industry in the Great Lakes region, providing insight into the scale and performance of this key sector.
Q: Why is this trend relevant for users or analysts?
A: The chemical manufacturing industry is a major driver of economic activity in the Great Lakes states, so this data is important for understanding regional economic trends and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the competitive position and growth of the chemical manufacturing sector in the Great Lakes region, which informs decisions around economic development, workforce, and trade policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in the Great Lakes BEA Region (GLAKCHEMMANNGSP), retrieved from FRED.