Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in the Great Lakes BEA Region
GLAKCHEMMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
137.78
Year-over-Year Change
35.24%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP in Chemical Manufacturing (325) tracks the inflation-adjusted output of the chemical industry in the Great Lakes region. This metric is a key indicator of productivity and economic growth in a vital 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
This index measures the real, volume-adjusted gross domestic product (GDP) specifically for the chemical manufacturing industry (NAICS code 325) within the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insights into the performance and competitiveness of this crucial industrial segment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for price changes over time.
Historical Context
Policymakers and analysts closely monitor this index to gauge the health of the chemical industry and its contribution to the regional economy.
Key Facts
- The chemical industry accounts for over 10% of the Great Lakes region's GDP.
- This index has shown steady growth since the early 2000s, outpacing overall GDP.
- The region is a major hub for chemical production, including plastics, pharmaceuticals, and specialty chemicals.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) measures the inflation-adjusted output of the chemical industry in the Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the performance and competitiveness of the chemical manufacturing sector, which is a crucial part of the regional economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this index to gauge the health of the chemical industry and its contribution to the regional economy.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in the Great Lakes BEA Region (GLAKCHEMMANQGSP), retrieved from FRED.