Real Gross Domestic Product: Primary Metal Manufacturing (331) in Pennsylvania
PAPRIMETMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,850.20
Year-over-Year Change
47.65%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the primary metal manufacturing industry (NAICS 331) in the state of Pennsylvania. It provides insight into the production and economic activity of this critical manufacturing 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
The Real Gross Domestic Product: Primary Metal Manufacturing (331) in Pennsylvania metric tracks the volume of goods and services produced by this industry within the state, adjusting for the effects of inflation. It is a key indicator of the health and performance of this manufacturing segment and its contribution to the overall Pennsylvania economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is used by policymakers, economists, and industry analysts to monitor trends in Pennsylvania's manufacturing output and competitiveness.
Key Facts
- Pennsylvania is a major hub for primary metal production in the U.S.
- The primary metal industry accounts for over 5% of Pennsylvania's total GDP.
- Real GDP in this sector has grown by 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real gross domestic product (GDP) of the primary metal manufacturing industry (NAICS 331) in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the production and economic performance of a critical manufacturing sector in Pennsylvania, which is important for policymakers, economists, and industry 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: This metric is used by policymakers, economists, and industry analysts to monitor trends in Pennsylvania's manufacturing output and competitiveness, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a short delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Primary Metal Manufacturing (331) in Pennsylvania (PAPRIMETMANRGSP), retrieved from FRED.