Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Maryland
MDDURMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,503.40
Year-over-Year Change
28.44%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the durable goods manufacturing industry in Maryland. It provides insights into the health and performance of this crucial sector 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 Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Maryland series tracks the inflation-adjusted economic output of the durable goods manufacturing industry in the state. It is a key indicator of industrial activity and productivity levels.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
This trend is widely monitored by policymakers, economists, and industry analysts to assess Maryland's manufacturing competitiveness and economic conditions.
Key Facts
- Maryland's durable goods manufacturing GDP was $22.6 billion in 2021.
- This sector accounts for approximately 5% of the state's total economic output.
- The industry has seen steady growth in recent years, reflecting Maryland's diversified economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the durable goods manufacturing industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of a key sector of Maryland's economy, which is closely watched by policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess Maryland's manufacturing competitiveness and economic conditions, informing policy decisions and industry strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Maryland (MDDURMANRGSP), retrieved from FRED.