Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Minnesota
MNFURNMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
780.30
Year-over-Year Change
46.89%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry in Minnesota. It provides insights into the economic performance and growth of this important manufacturing sector within the state.
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: Furniture and Related Product Manufacturing (337) in Minnesota metric tracks the total value of goods and services produced by this industry in the state. It is a key indicator of the sector's economic contribution and can be used to analyze its competitiveness, productivity, and overall importance within Minnesota's manufacturing 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 closely monitored by policymakers, industry analysts, and economic development organizations to inform decision-making and strategic planning.
Key Facts
- Minnesota is a major hub for furniture production in the U.S.
- The furniture industry accounts for over 10,000 jobs in the state.
- GDP in this sector has grown by 5% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and growth of a key manufacturing sector within Minnesota, which can inform business, investment, 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 national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and economic development organizations closely monitor this trend to inform decision-making and strategic planning related to the furniture manufacturing industry in Minnesota.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short delay, providing timely insights into the sector's performance.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Minnesota (MNFURNMANNGSP), retrieved from FRED.