Real Gross Domestic Product: Wood Product Manufacturing (321) in the Great Lakes BEA Region
GLAKWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,778.30
Year-over-Year Change
1.78%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the wood product manufacturing industry (North American Industry Classification System code 321) in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insight into the economic performance and production levels 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 Real Gross Domestic Product: Wood Product Manufacturing (321) in the Great Lakes BEA Region trend tracks inflation-adjusted value added to GDP by the wood product manufacturing industry in the eight-state Great Lakes region. This metric is used by economists and policymakers to analyze regional economic conditions and the relative strength of specific manufacturing industries.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
This regional manufacturing indicator informs market analysis, monetary policy, and economic development initiatives.
Key Facts
- The Great Lakes region accounts for over 50% of U.S. wood product manufacturing.
- Wood product manufacturing is a $50 billion industry in the Great Lakes states.
- The region lost 20% of wood product jobs during the 2008-2009 recession.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the wood product manufacturing industry in the eight-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and production levels of a key manufacturing sector, informing analysis of regional economic conditions and industrial activity.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This regional manufacturing indicator informs market analysis, monetary policy, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in the Great Lakes BEA Region (GLAKWPMANRGSP), retrieved from FRED.