Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Maryland
MDFOODBEVTOBMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,602.80
Year-over-Year Change
35.65%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures gross domestic product (GDP) for the food, beverage, and tobacco product manufacturing industries in the state of Maryland. It provides insights into the economic performance and productivity of a key manufacturing sector.
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 Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Maryland series tracks the total value of goods and services produced by this industry within the state. It is a valuable indicator of economic activity and competitiveness in a vital component of Maryland's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is used by policymakers, economists, and industry analysts to assess the health and outlook of Maryland's food, beverage, and tobacco manufacturing sector.
Key Facts
- Maryland's food and beverage manufacturing GDP was $6.6 billion in 2021.
- This industry accounted for 9.4% of the state's total manufacturing GDP in 2021.
- Employment in Maryland's food and beverage manufacturing sector totaled 26,700 in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the food, beverage, and tobacco product manufacturing industries in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of a key manufacturing sector in Maryland, which is valuable for policymakers, economists, 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 GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health and outlook of Maryland's food, beverage, and tobacco manufacturing sector.
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.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Maryland (MDFOODBEVTOBMANNGSP), retrieved from FRED.