Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Illinois
ILFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,047.70
Year-over-Year Change
13.47%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the food, beverage, and tobacco product manufacturing sectors in Illinois. It provides insight into the performance and contribution of these industries to the state's overall economic activity.
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: Food and Beverage and Tobacco Product Manufacturing (311-312) in Illinois series tracks the inflation-adjusted economic output of these key manufacturing industries within the state. Economists and policymakers use this data to analyze productivity, competitiveness, and trends in these critical sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
This trend is relevant for understanding the health and competitiveness of Illinois' manufacturing base and its influence on the broader state economy.
Key Facts
- Illinois is a leading producer of food, beverage, and tobacco products.
- The manufacturing sector accounts for over 12% of Illinois' GDP.
- This trend has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the food, beverage, and tobacco product manufacturing sectors in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of key manufacturing industries in Illinois, which are crucial to the state's overall economic activity and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to analyze productivity, competitiveness, and trends in Illinois' critical manufacturing sectors, which inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with typical update delays of several months.
Related Trends
Housing Inventory: Average Listing Price in Illinois
AVELISPRIIL
Exports of Goods: Non-Manufactured Commodities for Illinois
EXPNONIL
Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Illinois
ILDATAWWWNGSP
Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois
ILMINQQGSP
Total Wages and Salaries in Illinois
ILWTOT
Personal Consumption Expenditures: Goods for Illinois
ILPCEG
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Illinois (ILFOODBEVTOBMANRGSP), retrieved from FRED.