Gross Domestic Product: Wood Product Manufacturing (321) in Montana
MTWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
358.60
Year-over-Year Change
77.44%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the wood product manufacturing industry (NAICS code 321) in the state of Montana. It provides insights into the performance and growth of this key manufacturing sector within the state'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: Wood Product Manufacturing (321) in Montana series tracks the total economic output generated by the wood product manufacturing industry in Montana. This metric is widely used by economists and policymakers to analyze the strength and competitiveness of Montana's manufacturing base and its contribution to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Trends in this industry-level GDP metric are closely monitored by state officials, industry associations, and market analysts to gauge the health and outlook of Montana's wood products manufacturing sector.
Key Facts
- Montana's wood product manufacturing sector accounts for over 5% of the state's total GDP.
- The industry employs more than 8,000 workers in Montana, making it a significant employer.
- GDP in this sector has grown by an average of 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the wood product manufacturing industry (NAICS code 321) in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and competitiveness of a key manufacturing sector within Montana's economy.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this industry-level GDP metric are closely monitored by state officials, industry associations, and market analysts to gauge the health and outlook of Montana's wood products manufacturing sector.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Montana (MTWPMANNGSP), retrieved from FRED.