Gross Domestic Product: Warehousing and Storage (493) in Illinois
ILWARESTORNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,044.30
Year-over-Year Change
64.94%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Warehousing and Storage (493) in Illinois' trend measures the economic output of the warehousing and storage industry in Illinois. It is an important indicator for understanding the state's logistics and supply chain activities.
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 economic series tracks the contribution of the warehousing and storage sector to Illinois' overall gross domestic product (GDP). It provides insights into the scale and performance of this critical industry, which supports the flow of goods and materials throughout the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and business leaders use this trend to assess the health and competitiveness of Illinois' logistics infrastructure.
Key Facts
- Illinois' warehousing and storage GDP reached $7.8 billion in 2021.
- The sector accounts for over 2% of the state's total economic output.
- Warehousing and storage employment in Illinois grew by 8.3% in 2022.
FAQs
Q: What does this economic trend measure?
A: This trend measures the contribution of the warehousing and storage industry to the gross domestic product (GDP) of the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the scale and performance of Illinois' logistics infrastructure, which is critical for supporting the state's broader economic activities.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this trend to assess the health and competitiveness of Illinois' logistics industry, which informs decisions about infrastructure investment, economic development, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Warehousing and Storage (493) in Illinois (ILWARESTORNGSP), retrieved from FRED.