Real Gross Domestic Product: Wood Product Manufacturing (321) in Arizona
AZWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
317.30
Year-over-Year Change
36.41%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Arizona measures the inflation-adjusted economic output of the wood product manufacturing industry in the state. This metric is important for understanding regional economic trends and the performance of key manufacturing sectors.
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, inflation-adjusted gross domestic product generated by wood product manufacturing firms in Arizona. It provides insight into the production, productivity, and economic contribution of this important manufacturing subsector within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry output and price indexes.
Historical Context
Policy makers and analysts use this metric to assess the health and competitiveness of Arizona's manufacturing base.
Key Facts
- Arizona's wood product manufacturing GDP has grown by 18% since 2015.
- This sector accounts for 2.1% of the state's total economic output.
- Wood product manufacturing employs over 12,000 workers in Arizona.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product generated by the wood product manufacturing industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and economic contribution of a key manufacturing sector within the Arizona economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry output and price indexes.
Q: How is this trend used in economic policy?
A: Policy makers and analysts use this metric to assess the health and competitiveness of Arizona's manufacturing base, which is important for economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most up-to-date economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Arizona (AZWPMANRGSP), retrieved from FRED.