Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in the Great Lakes BEA Region
GLAKPLASRUBMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26,310.50
Year-over-Year Change
50.93%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of the Plastics and Rubber Products Manufacturing industry (NAICS 326) in the Great Lakes BEA region. It provides insight into the productivity and output of this critical 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 Plastics and Rubber Products Manufacturing industry GDP represents the total value-added by businesses in this sector within the Great Lakes region, which encompasses Illinois, Indiana, Michigan, Ohio, and Wisconsin. This metric is used by economists and policymakers to analyze regional manufacturing activity and competitiveness.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis (BEA) through surveys and administrative records.
Historical Context
Trends in this industry GDP are relevant for understanding regional economic conditions, as well as informing policies and investments targeting manufacturing competitiveness.
Key Facts
- The Great Lakes region accounts for over 25% of total U.S. manufacturing GDP.
- Plastics and rubber products are a $100+ billion industry in the U.S.
- Manufacturing contributed over $2 trillion to U.S. GDP in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Plastics and Rubber Products Manufacturing industry (NAICS 326) in the Great Lakes BEA region.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and competitiveness of a key manufacturing sector within the economically important Great Lakes region.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis (BEA) through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Trends in this industry GDP are relevant for understanding regional economic conditions and informing policies and investments targeting manufacturing competitiveness.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in the Great Lakes BEA Region (GLAKPLASRUBMANNGSP), retrieved from FRED.