Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in North Dakota
NDPLASRUBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.00
Year-over-Year Change
15.57%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the plastics and rubber products manufacturing industry in North Dakota. It provides insight into the performance and productivity 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 Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in North Dakota series tracks the inflation-adjusted value added by this industry to the state's overall economic output. It is used by economists and policymakers to analyze industrial activity, productivity, and growth trends within North Dakota's manufacturing base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and price information.
Historical Context
This metric informs economic policy decisions and helps businesses and investors understand manufacturing dynamics in North Dakota.
Key Facts
- North Dakota's plastics and rubber manufacturing industry accounts for over $1 billion in annual GDP.
- This sector has seen steady growth of around 3% per year over the past decade.
- Manufacturing is a key driver of North Dakota's economy, contributing over 10% of the state's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the plastics and rubber products manufacturing industry in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and productivity of a crucial manufacturing sector within North Dakota's economy, informing business and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production volumes and price information.
Q: How is this trend used in economic policy?
A: This metric helps policymakers and economists assess the health and growth of North Dakota's manufacturing base, supporting informed decisions on economic development and industrial policy.
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, Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in North Dakota (NDPLASRUBMANRGSP), retrieved from FRED.