Gross Domestic Product: Machinery Manufacturing (333) in Minnesota
MNMACHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,151.20
Year-over-Year Change
84.60%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Machinery Manufacturing (333) in Minnesota tracks the total economic output of the machinery manufacturing industry in the state. This metric is important for understanding the health and competitiveness of a key sector within Minnesota'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: Machinery Manufacturing (333) in Minnesota represents the total value added by the machinery manufacturing industry to the state's overall economic production. This data provides insight into the performance and contributions of this pivotal manufacturing segment to Minnesota's broader economic landscape.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and sales information from businesses in the machinery manufacturing industry.
Historical Context
Trends in Minnesota's machinery manufacturing GDP are closely monitored by policymakers, industry analysts, and economic development stakeholders to assess the state's manufacturing competitiveness.
Key Facts
- Minnesota is a top state for machinery manufacturing.
- The machinery industry accounts for over 10% of Minnesota's total GDP.
- GDP in this sector has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Machinery Manufacturing (333) in Minnesota measures the total economic output and value-added by the machinery manufacturing industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a key manufacturing sector within Minnesota's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production and sales information reported by businesses in the machinery manufacturing industry.
Q: How is this trend used in economic policy?
A: Trends in Minnesota's machinery manufacturing GDP are closely monitored by policymakers, industry analysts, and economic development stakeholders to assess the state's manufacturing competitiveness and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Machinery Manufacturing (333) in Minnesota (MNMACHMANNGSP), retrieved from FRED.