Real Gross Domestic Product: Private Industries in Illinois
ILPIRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
812,178.90
Year-over-Year Change
15.03%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Industries in Illinois measures the total economic output of private industries in the state, adjusted for inflation. This metric is a key indicator of Illinois' economic health and performance.
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: Private Industries in Illinois represents the total value added by private companies and industries in the state, excluding government activity. It is a comprehensive measure of economic production that reflects the overall strength and growth of Illinois' private sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
This metric is closely watched by policymakers, businesses, and analysts to gauge the direction of Illinois' economy and inform decision-making.
Key Facts
- Illinois' private industries account for over 80% of the state's total economic output.
- Real GDP growth in Illinois' private sector has outpaced the national average in recent years.
- The real GDP of Illinois' private industries reached a record high in 2021.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Private Industries in Illinois measures the total economic output of private companies and industries in the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of Illinois' economic health and performance, providing insights into the strength and growth of the state's private sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Q: How is this trend used in economic policy?
A: This metric is closely watched by policymakers, businesses, and analysts to gauge the direction of Illinois' economy and inform decision-making.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with a delay of several months.
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Average Weekly Hours of Production Employees: Retail Trade: Food and Beverage Retailers in Illinois
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Average Weekly Earnings of Production Employees: Manufacturing: Durable Goods in Illinois
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Monthly State Retail Sales: Total Retail Sales Excluding Nonstore Retailers in Illinois
MSRSILTOTAL
Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Illinois
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ILPERA052SCEN
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Illinois (ILPIRGSP), retrieved from FRED.