Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota
NDNDURMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,867.50
Year-over-Year Change
48.56%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) of the nondurable goods manufacturing sector in North Dakota. It is an important indicator of the state's industrial output and economic health.
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: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota metric tracks the total value of goods produced by industries like food, beverage, textile, paper, and chemical manufacturing within the state. This data provides insight into the productivity and competitiveness of North Dakota's nondurable goods manufacturing sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to assess the strength and direction of North Dakota's manufacturing-based economy.
Key Facts
- North Dakota's nondurable goods manufacturing accounts for over 10% of the state's total GDP.
- This sector has seen steady growth over the past decade, outpacing the national average.
- Chemical manufacturing is the largest contributor to North Dakota's nondurable goods GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the nondurable goods manufacturing sector in the state of North Dakota, including industries like food, beverage, textile, paper, and chemical production.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and competitiveness of North Dakota's manufacturing-based economy, which is a key driver of the state's overall economic performance.
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: Policymakers and analysts use this metric to assess the strength and direction of North Dakota's manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota (NDNDURMANNGSP), retrieved from FRED.