Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Idaho
IDFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.20
Year-over-Year Change
22.21%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the furniture and related product manufacturing industry in Idaho. It provides insight into the economic performance and production levels of this key manufacturing sector within the state.
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: Furniture and Related Product Manufacturing (337) in Idaho tracks the total inflation-adjusted output of businesses in this industry located in the state. It is an important indicator of the overall health and productivity of Idaho's furniture manufacturing economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of businesses and economic statistics.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic development agencies to understand Idaho's manufacturing competitiveness and guide relevant policies.
Key Facts
- Idaho's furniture manufacturing GDP reached $336 million in 2021.
- This industry accounts for 1.2% of Idaho's total economic output.
- Furniture production in Idaho has grown by 8.4% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total real (inflation-adjusted) gross domestic product of the furniture and related product manufacturing industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and productivity of a key manufacturing sector within Idaho's economy, which is useful for policymakers, industry stakeholders, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of businesses and economic statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, industry groups, and economic development agencies to understand Idaho's manufacturing competitiveness and guide relevant policies and programs.
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, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Idaho (IDFURNMANRGSP), retrieved from FRED.