Real Gross Domestic Product: Truck Transportation (484) in Illinois
ILTRUCKTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,824.60
Year-over-Year Change
12.90%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product (GDP) for the Truck Transportation (484) industry in Illinois measures the inflation-adjusted output of this sector. It provides insights into the health and growth of this important component 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 GDP for Truck Transportation in Illinois is a key indicator of economic activity and productivity in this industry. It tracks the volume of goods transported by truck, which is vital for the distribution of products and supplies across the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Historical Context
This trend is closely monitored by policymakers, transportation companies, and logistics firms to assess Illinois' economic performance and infrastructure needs.
Key Facts
- Illinois is a major hub for truck transportation, home to over 20,000 trucking companies.
- The Truck Transportation industry accounts for over 4% of Illinois' total economic output.
- Real GDP for this sector has grown by 15% 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 (GDP) for the Truck Transportation (484) industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: The Real GDP for Truck Transportation in Illinois is an important indicator of the health and productivity of this critical logistics sector, which underpins the state's broader economic activity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers, transportation companies, and logistics firms closely monitor this trend to assess Illinois' economic performance and infrastructure needs.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag between the end of the reference period and the release of the data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Truck Transportation (484) in Illinois (ILTRUCKTRANRGSP), retrieved from FRED.