Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois
ILMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,313.30
Year-over-Year Change
-33.90%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in Illinois. It provides insights into the economic performance and growth of this critical sector 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: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois series tracks the inflation-adjusted output of this industry in the state. It is a key indicator for understanding the broader economic dynamics and productivity trends in Illinois's natural resource extraction activities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This industry-level GDP metric is used by policymakers, analysts, and businesses to assess the health and trajectory of Illinois's energy and mining sectors.
Key Facts
- Mining and energy account for over 4% of Illinois's GDP.
- This industry GDP series dates back to 2005 in the FRED database.
- Output in this sector declined during the 2008-2009 recession but has since recovered.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the mining, quarrying, and oil and gas extraction industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP metric provides important insights into the productivity and economic performance of a critical sector in Illinois, which has implications for policymakers, investors, and businesses.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses use this industry-level GDP metric to assess the health and trajectory of Illinois's energy and mining sectors, which informs decision-making and policy responses.
Q: Are there update delays or limitations?
A: This series is updated quarterly by the U.S. Federal Reserve and available through the FRED database, with a typical 2-3 month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois (ILMINRGSP), retrieved from FRED.