Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in Minnesota
MNFABRMETNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,019.90
Year-over-Year Change
60.05%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in Minnesota measures the economic output of this sector in the state. It is a key indicator of the manufacturing industry's performance and overall economic health.
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 data series represents the inflation-adjusted gross domestic product (GDP) generated by the fabricated metal product manufacturing industry (NAICS 332) in the state of Minnesota. It provides insights into the productivity and growth of this important manufacturing subsector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Policymakers and economists closely monitor this metric to gauge the state's manufacturing competitiveness and guide economic development initiatives.
Key Facts
- Minnesota's fabricated metal manufacturing GDP was $8.5 billion in 2020.
- This sector accounts for over 10% of the state's total manufacturing output.
- GDP in this industry has grown by 25% in Minnesota over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) generated by the fabricated metal product manufacturing industry (NAICS 332) in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides key insights into the performance and competitiveness of an important manufacturing subsector within Minnesota's economy, informing economic development strategies and policy decisions.
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 GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this metric to gauge Minnesota's manufacturing competitiveness and guide economic development initiatives in the state.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 quarter delay and may be subject to revisions as more complete information becomes available.
Related Trends
Poverty Universe, Age 0-4 for Minnesota
PUA0T4MN27000A647NCEN
Chain-Type Quantity Index for Real GDP: Government and Government Enterprises (92) in Minnesota
MNGOVQGSP
Regional Price Parities: Services: Other: Metropolitan Portion for Minnesota
MNMPRPPSERVEOTH
High School Graduate or Higher for Minnesota
GCT1501MN
All Employees: Professional and Business Services: Accounting, Tax Preparation, Bookkeeping, and Payroll Services in Minnesota
SMU27000006054120001SA
All Employees: Leisure and Hospitality: Full-Service Restaurants in Minnesota
SMU27000007072251101SA
Citation
U.S. Federal Reserve, Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in Minnesota (MNFABRMETNGSP), retrieved from FRED.