Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Wisconsin
WIMOTPICSNDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
357.90
Year-over-Year Change
34.80%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Wisconsin metric tracks the economic output of this industry sector within the state. It is a key indicator for analysts and policymakers monitoring the health and trends of Wisconsin's creative 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 total inflation-adjusted value added by the motion picture and sound recording industries in Wisconsin. It is a component of the state's overall gross domestic product and provides insights into the scale and performance of this important creative industry cluster.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and industry stakeholders use this metric to assess the competitive position and growth dynamics of Wisconsin's motion picture and sound recording sector.
Key Facts
- Wisconsin's motion picture and sound recording GDP was $1.3 billion in 2021.
- This industry sector accounts for 0.8% of Wisconsin's total gross domestic product.
- The industry has grown 7.2% on average annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total inflation-adjusted economic output or value added by the motion picture and sound recording industries within the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the scale and performance of Wisconsin's creative economy, which is a key growth driver for the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry stakeholders use this metric to assess the competitive position and growth dynamics of Wisconsin's motion picture and sound recording sector, informing economic development strategies.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Wisconsin (WIMOTPICSNDNGSP), retrieved from FRED.