Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in Ohio
OHPLASRUBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,391.40
Year-over-Year Change
-17.89%
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 Ohio. It provides insights into the performance and productivity of this critical 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 Ohio metric tracks the inflation-adjusted value added by this industry to the state's overall economic output. It is an important indicator for analyzing the health and competitiveness of Ohio's plastics and rubber manufacturing activities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by policymakers, industry analysts, and economic development agencies to monitor the vitality of Ohio's manufacturing base and inform relevant policy decisions.
Key Facts
- Ohio is a major hub for plastics and rubber manufacturing in the U.S.
- This industry accounts for over 5% of Ohio's total manufacturing GDP.
- Real GDP in Ohio's plastics/rubber sector grew by 3.2% in the last year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the plastics and rubber products manufacturing industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the performance and productivity of a key manufacturing sector within Ohio's economy, which is vital information for policymakers, industry analysts, and economic development stakeholders.
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, industry groups, and economic development agencies closely monitor this trend to assess the health and competitiveness of Ohio's manufacturing base and inform relevant policy decisions.
Q: Are there update delays or limitations?
A: There may be a 2-3 month delay in the availability of the most recent data, and the metric does not capture informal or unregistered economic activity within the industry.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in Ohio (OHPLASRUBMANRGSP), retrieved from FRED.