Gross Domestic Product: Private Goods-Producing Industries in Montana
MTPRIGOODPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,104.80
Year-over-Year Change
52.06%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Goods-Producing Industries in Montana measures the total economic output of the state's private goods-producing sectors. This metric is crucial for understanding Montana's economic performance and growth.
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 value added by Montana's private goods-producing industries, which include manufacturing, mining, and construction. It is a key indicator of the state's industrial production and can inform policy decisions related to economic development, investment, and job creation.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and analysts use this metric to evaluate Montana's economic competitiveness and identify opportunities for targeted interventions.
Key Facts
- Montana's private goods-producing industries account for over 20% of the state's GDP.
- This metric has grown by an average of 3% annually over the past decade.
- The manufacturing sector is the largest contributor to this indicator, making up nearly half of the total.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Goods-Producing Industries in Montana measures the total economic output of the state's private manufacturing, mining, and construction sectors.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding Montana's industrial production and economic competitiveness. It informs policy decisions related to investment, job creation, and economic development.
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 estimates for Montana.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate Montana's economic performance and identify opportunities for targeted interventions to support the state's private goods-producing industries.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately 3 months. There may be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Goods-Producing Industries in Montana (MTPRIGOODPRONGSP), retrieved from FRED.