Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in North Dakota
NDFABRMETNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
238.30
Year-over-Year Change
47.92%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in North Dakota measures the economic output of this industry within the state. It provides insights into the performance and trends of this key manufacturing sector.
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 value added by the Fabricated Metal Product Manufacturing (NAICS 332) industry to North Dakota's gross domestic product. It is an important indicator of the health and productivity of this manufacturing subsector within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Analysts and policymakers monitor this metric to assess the state's industrial composition and competitiveness.
Key Facts
- North Dakota's fabricated metal manufacturing sector contributed $3.1 billion to state GDP in 2021.
- This industry accounted for 4.2% of North Dakota's total economic output in 2021.
- Fabricated metal manufacturing employment in North Dakota has grown by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: This metric measures the economic output or value added by the Fabricated Metal Product Manufacturing industry (NAICS 332) within the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and contribution of a key manufacturing subsector to North Dakota's overall economic activity and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Analysts and policymakers monitor this metric to assess the state's industrial composition, competitiveness, and economic development strategies.
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: Fabricated Metal Product Manufacturing (332) in North Dakota (NDFABRMETNGSP), retrieved from FRED.