Real Gross Domestic Product: Military in Wisconsin
WIGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
838.20
Year-over-Year Change
-2.36%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Military in Wisconsin' trend measures the economic output attributable to the military sector in the state of Wisconsin. This data provides insights into the importance of the military industry to 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 series represents the real, inflation-adjusted value of goods and services produced by the military industry in Wisconsin. It is a component of the state's overall Gross Domestic Product and can be used to analyze the military's economic footprint and contribution.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Historical Context
Policymakers and analysts use this metric to understand the role of the military in Wisconsin's economy and assess the potential impacts of changes in defense spending or military activity in the state.
Key Facts
- Wisconsin's military GDP was $4.2 billion in 2021.
- The military sector accounts for 2.3% of Wisconsin's total GDP.
- Real military GDP in Wisconsin has grown by 7.5% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted Gross Domestic Product (GDP) attributable to the military industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic importance of the military sector to Wisconsin's economy, which is valuable for policymakers, businesses, and economists analyzing the state's economic performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand the role of the military in Wisconsin's economy and assess the potential impacts of changes in defense spending or military activity in the state.
Q: Are there update delays or limitations?
A: The data is updated annually by the Bureau of Economic Analysis, with a delay of approximately 1 year from the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Wisconsin (WIGOVFEDMILRGSP), retrieved from FRED.