Real Gross Domestic Product: Chemical Manufacturing (325) in Ohio
OHCHEMMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20,162.60
Year-over-Year Change
30.90%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Chemical Manufacturing (325) in Ohio measures the inflation-adjusted economic output of the chemical manufacturing industry in Ohio. This metric is important for understanding regional economic trends and informing policymakers about the health of a key industrial 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 real, chained dollar value of gross domestic product originating in the chemical manufacturing industry (NAICS code 325) within the state of Ohio. It is a key indicator of the productivity and competitiveness of Ohio's chemical manufacturing sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates and regional price deflators.
Historical Context
Trends in this metric can inform economic and industrial policies aimed at supporting manufacturing in Ohio.
Key Facts
- Ohio is a major hub for the U.S. chemical industry.
- Chemical manufacturing accounts for over 10% of Ohio's total GDP.
- This metric has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product originating in the chemical manufacturing industry within the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: Trends in Ohio's chemical manufacturing GDP are important for understanding regional economic performance and informing policies that support the state's industrial base.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates and regional price deflators.
Q: How is this trend used in economic policy?
A: Monitoring this metric can help policymakers and economic development agencies assess the competitiveness of Ohio's chemical industry and inform strategies to support manufacturing in the state.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of several months, so there may be delays in observing the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Chemical Manufacturing (325) in Ohio (OHCHEMMANRGSP), retrieved from FRED.