Real Gross Domestic Product: Real Estate (531) in the Great Lakes BEA Region
GLAKREALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
328,768.30
Year-over-Year Change
12.95%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the real estate sector in the Great Lakes Bureau of Economic Analysis (BEA) region, providing insights into the economic performance of this key industry.
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 Real Gross Domestic Product: Real Estate (531) in the Great Lakes BEA Region metric tracks the inflation-adjusted output of the real estate industry, including rental, leasing, and property management activities, within the geographic area encompassing the states of Illinois, Indiana, Michigan, Ohio, and Wisconsin.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
This metric is closely monitored by policymakers and analysts to assess the health and growth of the real estate market in the Great Lakes region.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Real estate is a significant contributor to the region's economic output.
- The real estate sector has experienced steady growth in the Great Lakes region in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the real estate sector in the Great Lakes Bureau of Economic Analysis (BEA) region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: The real estate industry is a key driver of economic activity in the Great Lakes region, and this metric provides valuable insights into the performance and growth of this sector, which is closely monitored by policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers and economists to assess the health and growth of the real estate market in the Great Lakes region, which can inform decisions related to economic development, housing, and other policy areas.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Real Estate (531) in the Great Lakes BEA Region (GLAKREALRGSP), retrieved from FRED.