Gross Domestic Product: Warehousing and Storage (493) in Minnesota
MNWARESTORNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,123.20
Year-over-Year Change
119.80%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Warehousing and Storage (493) in Minnesota' trend measures the economic output of the warehousing and storage industry in Minnesota. This data is important for analyzing the state's logistics and supply chain activities.
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 series represents the real, inflation-adjusted gross domestic product (GDP) of the warehousing and storage industry in Minnesota. It provides insights into the scale and productivity of this critical logistics sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and businesses use this trend to understand Minnesota's transportation and distribution infrastructure.
Key Facts
- Minnesota's warehousing and storage GDP was $3.2 billion in 2021.
- This industry accounts for 1.5% of Minnesota's total economic output.
- The sector has grown by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the warehousing and storage industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the scale and productivity of Minnesota's logistics and supply chain activities, which is crucial information for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to understand Minnesota's transportation and distribution infrastructure, which informs decisions around investment, regulation, and economic development.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may be some limitations in capturing the full scope of the industry, as the data is based on a specific NAICS code.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Warehousing and Storage (493) in Minnesota (MNWARESTORNGSP), retrieved from FRED.