Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Connecticut
CTFURNMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
234.30
Year-over-Year Change
46.53%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry (NAICS 337) in the state of Connecticut. It is an important indicator for policymakers and analysts to understand the performance and contribution of this key manufacturing sector in the state's 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
The CTFURNMANNGSP series tracks the total output or GDP generated by furniture and related product manufacturers in Connecticut. This data point is used by economists and policymakers to analyze the strength and trends within this specific manufacturing industry and its role in the broader state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Trends in this industry GDP metric can inform economic and policy decisions related to manufacturing, trade, and workforce development in Connecticut.
Key Facts
- GDP of Connecticut furniture manufacturing was $2.3 billion in 2021.
- This industry accounts for 1.3% of Connecticut's total GDP.
- Connecticut ranks 6th nationally for furniture manufacturing GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry (NAICS 337) in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This GDP metric is an important indicator for understanding the performance and contribution of the furniture manufacturing sector to Connecticut's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this industry GDP can inform economic and policy decisions related to manufacturing, trade, and workforce development in Connecticut.
Q: Are there update delays or limitations?
A: There may be a 1-2 quarter delay in the most recent data being available, and the data is limited to the Connecticut furniture manufacturing industry.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Connecticut (CTFURNMANNGSP), retrieved from FRED.