Gross Domestic Product: Mining (Except Oil and Gas) (212) in Illinois
ILMINEXOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,743.30
Year-over-Year Change
6.22%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Mining (Except Oil and Gas) (212) in Illinois measures the economic output of the mining industry (excluding oil and gas) in the state. This metric is important for understanding the state's economic composition and drivers.
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
This data series represents the total value added by the mining industry (excluding oil and gas) to Illinois' gross domestic product. It provides insight into the significance of non-energy mineral extraction activities within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state estimates.
Historical Context
Policymakers and analysts use this metric to evaluate the economic performance and growth trends in Illinois' mining sector.
Key Facts
- Mining (except oil and gas) accounts for about 1% of Illinois' total GDP.
- This sector has experienced modest growth in recent years.
- The mining industry is a small but important component of Illinois' diversified economy.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total value added by the mining industry (excluding oil and gas) to Illinois' gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the significance of non-energy mineral extraction activities within Illinois' economy, which is useful for policymakers 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 as part of their GDP by state estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate the economic performance and growth trends in Illinois' mining sector, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential limitations as the broader GDP by state estimates from the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining (Except Oil and Gas) (212) in Illinois (ILMINEXOILGASNGSP), retrieved from FRED.