Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region
GLAKFRSTFISHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,837.70
Year-over-Year Change
119.03%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the forestry, fishing, and related activities industry in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insight into the economic performance and productivity of this key 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 Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region series tracks the total economic output of businesses engaged in forestry, logging, fishing, hunting, and support activities in the eight-state Great Lakes region. This data is used by policymakers and analysts to understand regional economic trends and industry-level performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Historical Context
This GDP measure is relevant for assessing the health and competitiveness of the natural resource-based industries in the Great Lakes region.
Key Facts
- The Great Lakes region accounts for over 50% of U.S. forestry and fishing GDP.
- This industry sector employs over 300,000 workers in the Great Lakes states.
- GDP in Great Lakes forestry and fishing has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) of the forestry, fishing, and related activities industry in the eight-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and productivity of a key natural resource-based industry in the economically significant Great Lakes region.
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 accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this GDP measure to assess the health and competitiveness of the forestry, fishing, and related activities sector in the Great Lakes region.
Q: Are there update delays or limitations?
A: There may be a 6-12 month delay in data availability due to the comprehensive data collection and calculation process.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region (GLAKFRSTFISHNGSP), retrieved from FRED.