Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Maryland
MDTRANGRNDTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,403.60
Year-over-Year Change
27.43%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the transit and ground passenger transportation industry in the state of Maryland. It provides insights into the performance and growth of this key transportation sector within 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: Transit and Ground Passenger Transportation (485) in Maryland series represents the inflation-adjusted value added by the transit and ground passenger transportation industry to the state's overall economic output. This metric is used by economists and policymakers to analyze the productivity and contribution of this transportation segment to Maryland's economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic trend is relevant for understanding the health and dynamics of Maryland's transportation infrastructure and its impact on the state's broader economic performance.
Key Facts
- Maryland's transit and ground passenger transportation industry accounts for approximately 1% of the state's total GDP.
- This sector has experienced steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the transit and ground passenger transportation industry in the state of Maryland, providing insights into the performance and growth of this key transportation sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the health and dynamics of Maryland's transportation infrastructure and its impact on the state's broader economic performance, which is crucial for policymakers and economic 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 established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the productivity and contribution of the transit and ground passenger transportation industry to Maryland's economic growth, which informs infrastructure investment decisions and transportation policy.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other GDP statistics published by the U.S. Bureau of Economic Analysis, which may result in occasional delays or changes to the historical values.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Maryland (MDTRANGRNDTRANRGSP), retrieved from FRED.