Gross Domestic Product: Air Transportation (481) in Maryland
MDAIRTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,884.90
Year-over-Year Change
95.81%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the Air Transportation industry (NAICS code 481) in Maryland measures the total economic output of this sector within the state. It is a key indicator of the health and growth of Maryland's aviation and aerospace industries.
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 GDP for Air Transportation in Maryland represents the total value of goods and services produced by this industry, including passenger and freight transport by air. It is an important metric for tracking the economic performance and competitiveness of Maryland's aviation-related businesses.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level surveys and economic modeling.
Historical Context
Policymakers and industry analysts use this GDP data to assess the economic significance of air transportation in Maryland and guide decisions around infrastructure investment, business development, and workforce planning.
Key Facts
- Maryland's air transportation GDP was $3.7 billion in 2021.
- This industry accounts for 1.2% of Maryland's total economic output.
- The air transportation GDP in Maryland has grown by 15% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for the Air Transportation industry (NAICS code 481) in Maryland measures the total economic output of this sector within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for tracking the economic performance and competitiveness of Maryland's aviation-related businesses, which is crucial for policymakers and industry analysts.
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 surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this GDP data to assess the economic significance of air transportation in Maryland and guide decisions around infrastructure investment, business development, and workforce planning.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Air Transportation (481) in Maryland (MDAIRTRANNGSP), retrieved from FRED.