Real Gross Domestic Product: Wood Product Manufacturing (321) in the District of Columbia
DCWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.00
Year-over-Year Change
0.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the wood product manufacturing industry (NAICS 321) in the District of Columbia. It provides insights into the economic activity and productivity of this important manufacturing 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 Real Gross Domestic Product: Wood Product Manufacturing (321) in the District of Columbia series tracks the inflation-adjusted value added by the wood product manufacturing industry to the overall economy of the District of Columbia. This metric is a key indicator of the industry's contribution to local economic growth and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this trend to assess the health and competitiveness of the District of Columbia's manufacturing base.
Key Facts
- Wood product manufacturing accounts for 0.2% of D.C.'s GDP.
- This industry employed around 280 people in the District in 2021.
- Real GDP in D.C. wood products manufacturing grew by 1.5% in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the wood product manufacturing industry (NAICS 321) in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and economic contribution of the wood products manufacturing sector in D.C., which is important for assessing the health and competitiveness of the local manufacturing base.
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 national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate the performance and competitiveness of the District of Columbia's manufacturing industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be a lag of several months between the end of a reporting period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in the District of Columbia (DCWPMANRGSP), retrieved from FRED.