Gross Domestic Product: Chemical Manufacturing (325) in Wisconsin
WICHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,035.70
Year-over-Year Change
50.09%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Wisconsin. It is an important indicator of economic activity and productivity in a key 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 chemical manufacturing industry is a vital part of Wisconsin's economy, producing a wide range of products from basic chemicals to specialty pharmaceuticals. This GDP metric provides insights into the performance and competitiveness of this industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Policymakers and industry analysts closely monitor this trend to assess the health and outlook of Wisconsin's chemical manufacturing sector.
Key Facts
- Wisconsin is a top-ten state for chemical manufacturing GDP.
- The chemical industry accounts for over 30,000 jobs in Wisconsin.
- GDP in Wisconsin's chemical sector has grown by 25% since 2010.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and competitiveness of Wisconsin's vital chemical manufacturing sector, which is a key driver of the state's economy.
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 GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to assess the health and outlook of Wisconsin's chemical manufacturing sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in Wisconsin (WICHEMMANNGSP), retrieved from FRED.