Gross Domestic Product: Wood Product Manufacturing (321) in Maine
MEWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
655.60
Year-over-Year Change
103.35%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the wood product manufacturing industry in the state of Maine. It is an important indicator of the health and output of a key manufacturing 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
The Gross Domestic Product: Wood Product Manufacturing (321) in Maine series tracks the total economic output of businesses involved in the manufacturing of wood products, such as lumber, plywood, and other wood materials. This data provides insights into the productivity and relative importance of this industry within Maine's overall economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is used by policymakers, economists, and industry analysts to monitor the performance and competitiveness of Maine's wood product manufacturing sector.
Key Facts
- Maine is a major producer of wood products in the United States.
- The wood product manufacturing industry accounts for a significant portion of Maine's overall economic output.
- Trends in this data can indicate the health and competitiveness of a crucial manufacturing sector in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) contributed by the wood product manufacturing industry in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of a key manufacturing sector in Maine's economy, which is useful 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 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 monitor the health and output of Maine's wood product manufacturing sector, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be some delays in the availability of the most recent data, as it takes time to collect and process the information. Additionally, the data may not capture all economic activity within the wood product manufacturing industry in Maine.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Maine (MEWPMANNGSP), retrieved from FRED.