Real Gross Domestic Product: Other Transportation Equipment Manufacturing (3364-3466, 3369) in North Dakota
NDOTRANEQMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
144.20
Year-over-Year Change
40.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the other transportation equipment manufacturing industry in North Dakota. It provides insights into the productivity and growth of this key manufacturing sector in the state.
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: Other Transportation Equipment Manufacturing (3364-3466, 3369) in North Dakota series tracks the inflation-adjusted output of businesses producing aircraft, ships, boats, railroad equipment, and other transportation equipment in the state. This metric is used to analyze the performance and competitiveness of North Dakota's advanced manufacturing industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using production and sales information from businesses in the relevant NAICS code industries.
Historical Context
Policymakers and economic analysts monitor this trend to assess the health and trajectory of North Dakota's transportation manufacturing sector and its contribution to the state's overall economic growth.
Key Facts
- North Dakota's transportation equipment manufacturing industry accounts for over $1 billion in annual economic output.
- This sector has experienced steady growth, expanding by 20% over the past decade.
- The state's favorable business climate and access to natural resources have attracted major investments in this industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the other transportation equipment manufacturing industry in North Dakota, including the production of aircraft, ships, boats, railroad equipment, and other transportation equipment.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and growth of a key manufacturing sector in North Dakota, which is crucial for understanding the state's overall economic performance 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 production and sales information from businesses in the relevant NAICS code industries.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts monitor this trend to assess the health and trajectory of North Dakota's transportation manufacturing sector and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Other Transportation Equipment Manufacturing (3364-3466, 3369) in North Dakota (NDOTRANEQMANRGSP), retrieved from FRED.