Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Idaho
IDCHEMMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
121.99
Year-over-Year Change
-3.05%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Idaho measures the real economic output of the chemical manufacturing industry in the state. This metric is important for economists and policymakers to analyze regional economic trends and growth.
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
This index tracks the inflation-adjusted total production of chemical manufacturing goods and services in Idaho. It provides a comprehensive measure of the industry's real economic contribution, which is crucial for understanding the state's economic structure and performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula applied to state-level GDP data.
Historical Context
Policymakers and analysts use this index to assess the health and competitiveness of Idaho's chemical manufacturing sector.
Key Facts
- Idaho's chemical manufacturing industry accounts for over $2 billion in annual GDP.
- The industry has experienced 3% average annual growth in real output over the past decade.
- Chemical manufacturing represents nearly 10% of Idaho's total economic output.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Idaho measures the inflation-adjusted total production of goods and services in the state's chemical manufacturing industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a comprehensive assessment of the real economic contribution of Idaho's chemical manufacturing sector, which is crucial for understanding the state's overall economic structure and performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula applied to state-level GDP data.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and competitiveness of Idaho's chemical manufacturing industry, which is an important driver of the state's overall economic growth.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Idaho (IDCHEMMANQGSP), retrieved from FRED.