Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Indiana
INFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,556.90
Year-over-Year Change
12.67%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the furniture and related product manufacturing industry in Indiana. It provides insight into the performance and contribution of this key manufacturing sector to the state's overall economic output.
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: Furniture and Related Product Manufacturing (337) in Indiana series tracks the inflation-adjusted value added by this industry to the state's GDP. It is a important indicator of the furniture manufacturing sector's productivity and its role in Indiana's economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and businesses to assess the competitive position and outlook for Indiana's furniture manufacturing industry.
Key Facts
- Indiana is a major hub for furniture production in the U.S.
- This industry accounts for over 2% of Indiana's total GDP.
- Furniture manufacturing employs more than 20,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contributed by the furniture and related product manufacturing industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the productivity and economic significance of Indiana's furniture manufacturing sector, which is an important part of the state's industrial base.
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 accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, industry groups, and businesses closely monitor this trend to assess the competitive position and outlook for Indiana's furniture manufacturing industry, which informs economic development strategies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Federal Reserve with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Indiana (INFURNMANRGSP), retrieved from FRED.