Real Gross Domestic Product: Primary Metal Manufacturing (331) in Idaho
IDPRIMETMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
190.60
Year-over-Year Change
27.49%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the primary metal manufacturing industry (NAICS 331) in the state of Idaho. It provides insights into the productivity and growth of this key manufacturing sector within the state's economy.
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: Primary Metal Manufacturing (331) in Idaho metric tracks the total inflation-adjusted output generated by the primary metal manufacturing industry in Idaho. This metric is used by economists and policymakers to analyze the performance and competitiveness of Idaho's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding Idaho's industrial composition and competitiveness, as well as informing economic development and policy decisions.
Key Facts
- Idaho's primary metal manufacturing industry accounted for 3.2% of the state's total GDP in 2021.
- Real GDP in Idaho's primary metal manufacturing sector grew by 4.5% in 2021 compared to the prior year.
- The primary metal manufacturing industry employed over 4,800 workers in Idaho as of 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) generated by the primary metal manufacturing industry (NAICS 331) within the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the productivity and growth of a key manufacturing sector within Idaho's economy, which is useful for economists, policymakers, and businesses analyzing the state's industrial composition and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding Idaho's industrial composition and competitiveness, as well as informing economic development and policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a delay 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: Primary Metal Manufacturing (331) in Idaho (IDPRIMETMANRGSP), retrieved from FRED.