Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in North Dakota
NDFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
833.20
Year-over-Year Change
4.62%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) in the food, beverage, and tobacco manufacturing sector in North Dakota. It provides insights into the performance and growth of this key industry 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 Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in North Dakota series tracks the inflation-adjusted value-added output of businesses in this industry. It is a reliable indicator of the sector's economic contribution and can inform policymakers and businesses about investment, growth, and employment trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator is relevant for understanding the competitiveness and productivity of North Dakota's manufacturing base, which is crucial for the state's economic development and diversification strategies.
Key Facts
- North Dakota's food, beverage, and tobacco manufacturing sector accounts for over 10% of the state's GDP.
- This industry has experienced steady growth, with a 5-year average annual increase of 3.2%.
- The sector employs nearly 15,000 workers in North Dakota, making it a significant contributor to the state's employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the food, beverage, and tobacco manufacturing industry in North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and growth of a key manufacturing sector in North Dakota, which is crucial for understanding the state's economic development and competitiveness.
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 accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and businesses to monitor the health and growth of North Dakota's manufacturing base, which informs investment, employment, and economic diversification strategies.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, with typical update delays of several months. As with any economic indicator, there may be revisions to historical data over time.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in North Dakota (NDFOODBEVTOBMANRGSP), retrieved from FRED.