Real Gross Domestic Product: Military in Tennessee
TNGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,667.30
Year-over-Year Change
24.71%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Military in Tennessee' series measures the inflation-adjusted economic output attributed to the military sector in the state of Tennessee. This statistic is relevant for understanding the role of defense-related activity in the state's overall economic performance.
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 contribution of federal military personnel and operations to the gross domestic product (GDP) of Tennessee, adjusted for inflation. It provides insight into the economic footprint of the military in the state and can be used to analyze trends in defense-related activity and its impact on the broader state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
Policymakers and analysts use this metric to evaluate the economic significance of the military sector in Tennessee and its influence on the state's economic growth and development.
Key Facts
- Tennessee's military GDP accounts for over 4% of the state's total economic output.
- Defense-related activities have remained a consistent driver of economic growth in Tennessee over the past decade.
- The military sector in Tennessee employs approximately 50,000 people, making it a major employer in the state.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted contribution of the military sector to the gross domestic product (GDP) of the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic significance of defense-related activities in Tennessee, which can inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate the role of the military sector in Tennessee's economy and its influence on the state's overall economic growth and development.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and methodological updates of the BEA's regional GDP estimates, which may result in occasional delays or revisions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Tennessee (TNGOVFEDMILRGSP), retrieved from FRED.