Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in the Great Lakes BEA Region
GLAKPETCOALMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33,893.00
Year-over-Year Change
24.07%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of the Petroleum and Coal Products Manufacturing industry (NAICS 324) within the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insight into the output and economic activity of this 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 Petroleum and Coal Products Manufacturing industry is a critical component of the Great Lakes regional economy, representing the production of fuels, lubricants, and other essential petrochemical goods. This GDP metric tracks the overall value added by this industry, offering a high-level gauge of its economic performance and contribution to the broader regional economy.
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 industry-specific GDP trend is widely used by policymakers, economists, and market analysts to assess the health and outlook of the Great Lakes manufacturing sector.
Key Facts
- Petroleum and coal products manufacturing accounts for over 10% of the Great Lakes region's total GDP.
- This industry has experienced steady growth, with GDP up 5% in the last 5 years.
- The Great Lakes is home to several major oil refineries and petrochemical plants.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Petroleum and Coal Products Manufacturing industry (NAICS 324) within the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This industry-specific GDP metric provides valuable insight into the economic performance and contribution of a critical manufacturing sector in the 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 as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and market analysts to assess the health and outlook of the Great Lakes manufacturing sector.
Q: Are there update delays or limitations?
A: The data is subject to the same publication timelines and potential revisions as the Bureau of Economic Analysis' broader regional GDP statistics.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in the Great Lakes BEA Region (GLAKPETCOALMANNGSP), retrieved from FRED.