Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region
GLAKFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,807.70
Year-over-Year Change
54.67%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region measures the economic output of the farming industry in the Great Lakes region of the United States. This data is crucial 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 tracks the gross domestic product, or total economic output, specifically from farms in the Great Lakes region. It provides valuable insights into the agricultural sector's contribution to the regional economy and can be used to analyze factors influencing farm productivity and profitability.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional economic accounts.
Historical Context
This economic trend is widely used by policymakers, economists, and businesses to assess the health and performance of the agricultural industry in the Great Lakes region.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
- Farming is a significant contributor to the region's economy, accounting for over $50 billion in GDP.
- The GDP from farms in the Great Lakes region has grown by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) specifically from the farming industry (NAICS codes 111-112) in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of the agricultural sector to the regional economy, which is crucial for policymakers, businesses, and economists analyzing economic conditions in the Great Lakes area.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional economic accounts.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and businesses to assess the health and performance of the agricultural industry in the Great Lakes region, informing decisions on agricultural policies, investments, and regional economic development.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis with a lag of several months, so there may be a delay in accessing the most recent information. Additionally, the data is limited to the farming industry in the Great Lakes region and does not capture the broader economic activity in the area.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region (GLAKFARMNGSP), retrieved from FRED.