Gross Domestic Product: Military in Maryland
MDGOVFEDMILNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,215.60
Year-over-Year Change
37.53%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Military in Maryland metric measures the economic output associated with federal military activities in the state of Maryland. This data is important for policymakers and economists to understand the role of the military sector in 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
This series represents the Gross Domestic Product (GDP) for the federal military sector in the state of Maryland. It provides insight into the economic contribution of military spending and operations within the state, which is a significant component of Maryland's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP statistics.
Historical Context
Analysts and policymakers use this metric to assess the economic impact of the military on Maryland's economy and inform decisions around military spending and regional economic development.
Key Facts
- Maryland's military sector accounts for over 6% of the state's GDP.
- The federal military is the second-largest employer in Maryland.
- Military spending in Maryland supports over 350,000 direct and indirect jobs.
FAQs
Q: What does this economic trend measure?
A: This metric measures the Gross Domestic Product (GDP) associated with federal military activities and spending in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: Understanding the economic impact of the military sector is important for policymakers and economists analyzing Maryland's regional economy and the role of government spending.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP statistics.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess the economic impact of the military on Maryland's economy and inform decisions around military spending and regional economic development.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically 1-2 quarters behind the current period, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Military in Maryland (MDGOVFEDMILNGSP), retrieved from FRED.