Gross Domestic Product: Waste Management and Remediation Services (562) in Alabama
ALWASTENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
959.00
Year-over-Year Change
78.45%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the Gross Domestic Product (GDP) of the Waste Management and Remediation Services industry (NAICS 562) in the state of Alabama. It provides insight into the economic output and performance of this critical environmental 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 ALWASTENGSP series tracks the GDP, or total economic production, of businesses involved in waste collection, treatment, and disposal activities in Alabama. This metric is used by policymakers and analysts to understand the relative size and growth of the state's waste management industry and its contribution to the overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Historical Context
This economic trend is relevant for understanding Alabama's environmental infrastructure and waste management policies, as well as for benchmarking the state's performance against national or regional trends.
Key Facts
- Alabama's waste management GDP was $1.7 billion in 2021.
- The waste industry accounts for 0.7% of Alabama's total economic output.
- GDP in this sector has grown by 3.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Waste Management and Remediation Services industry (NAICS 562) in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic size and performance of Alabama's waste management sector, which is crucial for understanding the state's environmental infrastructure and policies.
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 their state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and analysts to benchmark Alabama's waste management industry against national or regional trends and to inform environmental and economic development policies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of approximately 12-18 months, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Waste Management and Remediation Services (562) in Alabama (ALWASTENGSP), retrieved from FRED.