Real Gross Domestic Product: Primary Metal Manufacturing (331) in Illinois
ILPRIMETMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,313.80
Year-over-Year Change
135.61%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real (inflation-adjusted) gross domestic product of the primary metal manufacturing industry in the state of Illinois. It is an important indicator of the health and productivity of a key manufacturing sector.
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: Primary Metal Manufacturing (331) in Illinois series tracks the inflation-adjusted output of the primary metal manufacturing industry, which includes establishments that smelt and refine metals and manufacture metal products, in the state of Illinois. This data provides insights into the productivity and competitiveness of a vital industrial sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of businesses in the primary metal manufacturing industry.
Historical Context
Policymakers and economists use this metric to gauge the strength of Illinois' manufacturing base and identify opportunities for growth or policy interventions.
Key Facts
- Illinois is a leading producer of primary metals in the U.S.
- The primary metal manufacturing sector accounts for over 10% of Illinois' total GDP.
- Real GDP in this industry has grown by 20% in Illinois over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the primary metal manufacturing industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and competitiveness of a key manufacturing sector in Illinois, which is crucial for policymakers and economists to monitor.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of businesses in the primary metal manufacturing industry.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to gauge the strength of Illinois' manufacturing base and identify opportunities for growth or policy interventions.
Q: Are there update delays or limitations?
A: There may be some lag in the data reporting, as it is collected through business surveys, but the series is updated regularly by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Primary Metal Manufacturing (331) in Illinois (ILPRIMETMANRGSP), retrieved from FRED.