Real Gross Domestic Product: Wood Product Manufacturing (321) in Idaho
IDWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
645.90
Year-over-Year Change
30.41%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) for the wood product manufacturing sector (NAICS 321) in the state of Idaho. It provides important insights into the productivity and economic output of this key industry 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: Wood Product Manufacturing (321) in Idaho series tracks the inflation-adjusted economic output of the wood product manufacturing industry in Idaho. This metric is a valuable indicator of the sector's productivity, growth, and competitiveness within the state's broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts often monitor this trend to understand the health and competitiveness of Idaho's wood products manufacturing sector.
Key Facts
- Wood product manufacturing accounts for over 10% of Idaho's total GDP.
- The sector employs more than 15,000 workers in the state.
- Idaho is one of the top 5 wood product manufacturing states in the U.S.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the wood product manufacturing sector (NAICS 321) in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and economic output of a key industry within Idaho's economy, allowing policymakers and industry analysts to better understand the sector's health 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: Policymakers and industry analysts monitor this trend to understand the health and competitiveness of Idaho's wood products manufacturing sector, which is an important driver of the state's economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 3-month delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Idaho (IDWPMANRGSP), retrieved from FRED.