Gross Domestic Product: Wood Product Manufacturing (321) in Tennessee
TNWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,816.50
Year-over-Year Change
170.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the wood product manufacturing industry in Tennessee. It provides insights into the performance and growth of this key 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 Gross Domestic Product: Wood Product Manufacturing (321) in Tennessee series tracks the total economic output of businesses engaged in the manufacturing of wood products, such as lumber, plywood, and other wood materials. This data is used by economists and policymakers to analyze the health and competitiveness of Tennessee's manufacturing industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator is relevant for understanding the state of Tennessee's manufacturing sector and its contribution to the overall economy.
Key Facts
- Tennessee's wood product manufacturing industry accounts for over $5 billion in GDP.
- The sector employs more than 25,000 workers in the state.
- Wood product manufacturing contributes approximately 2% to Tennessee's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the wood product manufacturing industry in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a key manufacturing sector within Tennessee's economy, which is useful for economic analysis and policymaking.
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 economic indicator is relevant for understanding the state of Tennessee's manufacturing sector and its contribution to the overall economy, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Tennessee (TNWPMANNGSP), retrieved from FRED.