Real Gross Domestic Product: Wood Product Manufacturing (321) in Minnesota
MNWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,223.80
Year-over-Year Change
-10.05%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Minnesota measures the inflation-adjusted economic output of the wood product manufacturing industry in the state. This metric is crucial for understanding the health and trends of a key manufacturing sector in the Minnesota 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
This series tracks the real (inflation-adjusted) value added by the wood product manufacturing industry in Minnesota. It provides an indicator of the production and productivity of this important component of the state's manufacturing base, which has significant economic and policy implications.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP information.
Historical Context
Policymakers and analysts use this metric to monitor the performance and competitiveness of Minnesota's wood product manufacturing industry.
Key Facts
- Wood product manufacturing is a key industry in Minnesota's economy.
- This metric tracks the real economic output of the industry in the state.
- The data is calculated by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted real GDP of the wood product manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the health and performance of a key manufacturing sector in the Minnesota economy, with important implications for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to monitor the performance and competitiveness of Minnesota's wood product manufacturing industry, which has significant economic and policy implications for the state.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Minnesota (MNWPMANRGSP), retrieved from FRED.