Real Gross Domestic Product: Manufacturing (31-33) in Illinois
ILMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
110,684.30
Year-over-Year Change
4.43%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the manufacturing sector in Illinois. It provides insights into the health and performance of Illinois' manufacturing industry, which is a key driver of 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: Manufacturing (31-33) in Illinois series tracks the inflation-adjusted value added by the manufacturing sector in Illinois. It is an important indicator of the state's industrial production and economic competitiveness.
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 closely monitored by policymakers, economists, and business leaders to assess Illinois' economic conditions and guide decision-making.
Key Facts
- Manufacturing accounts for over 12% of Illinois' GDP.
- Illinois ranks 5th among U.S. states in total manufacturing output.
- The state's manufacturing sector employs over 550,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the manufacturing sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: The manufacturing sector is a critical component of Illinois' economy, and this trend provides valuable insights into its performance 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, economists, and business leaders closely monitor this trend to assess Illinois' economic conditions and guide decision-making.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and it may not capture all economic activities in the manufacturing sector.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Manufacturing (31-33) in Illinois (ILMANRGSP), retrieved from FRED.