Gross Domestic Product: Military in Wisconsin
WIGOVFEDMILNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,079.40
Year-over-Year Change
35.53%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Military in Wisconsin' trend measures the military-related economic output for the state of Wisconsin. This metric is important for understanding the role of the defense industry in 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
This data series represents the portion of Wisconsin's total gross domestic product (GDP) that is attributable to military and defense-related economic activity. It provides insight into the economic footprint of the military presence in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using proprietary economic models and government spending records.
Historical Context
Policymakers and regional economic analysts use this trend to assess the importance of the military sector to Wisconsin's economy.
Key Facts
- Wisconsin's military GDP accounts for 4.2% of the state's total economic output.
- Defense contractors and military bases contribute over $15 billion annually to Wisconsin's economy.
- The military sector employs more than 100,000 people in Wisconsin, or about 3.5% of the state's workforce.
FAQs
Q: What does this economic trend measure?
A: This trend measures the portion of Wisconsin's gross domestic product (GDP) that is attributable to military and defense-related economic activity within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic footprint of the military presence in Wisconsin, which is critical information for policymakers and regional economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using proprietary economic models and government spending records.
Q: How is this trend used in economic policy?
A: Policymakers and regional economic analysts use this trend to assess the importance of the military sector to Wisconsin's economy and inform decisions related to defense spending and economic development.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Military in Wisconsin (WIGOVFEDMILNGSP), retrieved from FRED.