Real Gross Domestic Product: Wood Product Manufacturing (321) in Alabama
ALWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,919.80
Year-over-Year Change
39.09%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Alabama measures the real output of the wood product manufacturing industry in the state. This metric is important for understanding economic performance and guiding policy decisions.
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 value-added output of wood product manufacturing establishments located in Alabama. It is a key indicator of the health and productivity of this important industry, which contributes significantly to the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and industry analysts use this metric to monitor trends in a core manufacturing sector.
Key Facts
- Alabama is a major producer of wood products in the U.S.
- The wood product manufacturing industry employs over 20,000 workers in the state.
- This metric tracks real output, adjusting for inflation.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted value-added output of the wood product manufacturing industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the health and productivity of a key manufacturing sector in the Alabama economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to monitor trends in a core manufacturing sector and inform economic development strategies.
Q: Are there update delays or limitations?
A: There may be lags in the release of this data, as it is dependent on the reporting schedules of the source agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Alabama (ALWPMANRGSP), retrieved from FRED.