Real Gross Domestic Product: Machinery Manufacturing (333) in South Carolina
SCMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,538.00
Year-over-Year Change
-24.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Machinery Manufacturing (333) in South Carolina' trend measures the economic output of the machinery manufacturing sector in South Carolina, adjusted for inflation. This statistic is important for understanding the state's industrial production and economic growth.
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 trend represents the real, inflation-adjusted gross domestic product (GDP) of the machinery manufacturing industry (NAICS 333) located in the state of South Carolina. It is a key indicator of the productivity and performance of this critical manufacturing sector within the state's 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 evaluate the health and competitiveness of South Carolina's machinery manufacturing sector.
Key Facts
- South Carolina is a major center for machinery manufacturing in the U.S.
- Machinery production accounts for over 10% of the state's total economic output.
- This metric has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the machinery manufacturing industry (NAICS 333) located in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of the productivity and performance of South Carolina's critical machinery manufacturing sector, which is an important driver of the state's overall economic growth.
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 evaluate the health and competitiveness of South Carolina's machinery manufacturing sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: There is typically a 2-3 month delay in the release of this data by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in South Carolina (SCMACHMANRGSP), retrieved from FRED.