Real Gross Domestic Product: Nonmetallic Mineral Product Manufacturing (327) in Washington
WANMMPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,063.70
Year-over-Year Change
-5.89%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the nonmetallic mineral product manufacturing industry (NAICS 327) in the state of Washington. It provides insights into the economic performance and productivity of this important 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: Nonmetallic Mineral Product Manufacturing (327) in Washington series tracks the inflation-adjusted value added by this industry to the state's overall economic output. It is a key indicator of the sector's competitiveness, growth, and contribution to the regional economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level production and price indices.
Historical Context
This metric is widely used by policymakers, industry analysts, and economists to assess the health and prospects of Washington's manufacturing base.
Key Facts
- Washington is a leading producer of nonmetallic mineral products like cement, glass, and ceramics.
- This industry accounts for over 4% of the state's total manufacturing GDP.
- Real GDP in this sector grew by 3.2% in 2021 after declining in 2020 due to the pandemic.
FAQs
Q: What does this economic trend measure?
A: This series measures the real (inflation-adjusted) gross domestic product of the nonmetallic mineral product manufacturing industry (NAICS 327) in the state of Washington.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and productivity of an important manufacturing sector in Washington, which is a key indicator of the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level production and price indices.
Q: How is this trend used in economic policy?
A: This metric is widely used by policymakers, industry analysts, and economists to assess the health and prospects of Washington's manufacturing base and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency and may have a lag of several quarters before the most recent figures are available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Nonmetallic Mineral Product Manufacturing (327) in Washington (WANMMPMANRGSP), retrieved from FRED.