Real Gross Domestic Product: Private Goods-Producing Industries in Alabama
ALPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,996.40
Year-over-Year Change
27.50%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Goods-Producing Industries in Alabama measures the inflation-adjusted economic output of Alabama's private goods-producing industries. This metric is crucial for analyzing the state's industrial productivity and economic health.
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 tracks the real GDP contribution of Alabama's private goods-producing sectors, including manufacturing, mining, and construction. It provides insight into the state's industrial base and its capacity to drive broader economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type price index to adjust the nominal GDP figures for inflation.
Historical Context
Policymakers and analysts use this metric to gauge the performance and competitiveness of Alabama's private industrial base.
Key Facts
- Alabama's private goods-producing industries account for over one-quarter of the state's total economic output.
- This metric has shown steady growth over the past decade, reflecting Alabama's diversifying industrial base.
- The construction and manufacturing sectors are the largest contributors to the state's private goods-producing GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted gross domestic product (GDP) of Alabama's private goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and competitiveness of Alabama's industrial base, which is a key driver of the state's overall economic growth and prosperity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type price index to adjust the nominal GDP figures for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the health and productivity of Alabama's private industrial sector, which informs decisions related to economic development, workforce planning, and infrastructure investment.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in Alabama (ALPRIGOODPRORGSP), retrieved from FRED.