Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in the Great Lakes BEA Region
GLAKMVEHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
84,534.40
Year-over-Year Change
53.75%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insight into the economic performance and output of a key 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 Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in the Great Lakes BEA Region trend tracks the total value of goods and services produced by this industry within the multi-state Great Lakes economic region. It is a vital indicator of manufacturing activity and economic health in this important industrial cluster.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This trend is closely watched by policymakers, analysts, and industry stakeholders to gauge the strength of the automotive manufacturing sector and its contribution to the broader regional economy.
Key Facts
- The Great Lakes region accounts for over 50% of U.S. motor vehicle and parts production.
- This industry contributed over $100 billion to the Great Lakes regional GDP in recent years.
- GDP in this sector has recovered to pre-recession levels after the 2008-2009 downturn.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry within the multi-state Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and output of a key manufacturing sector that is vital to the Great Lakes regional economy.
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 its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is closely watched by policymakers, analysts, and industry stakeholders to gauge the strength of the automotive manufacturing sector and its contribution to the broader regional economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, but provides a timely and comprehensive view of this important industry.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in the Great Lakes BEA Region (GLAKMVEHMANNGSP), retrieved from FRED.