Gross Domestic Product: State and Local in the Great Lakes BEA Region
GLAKGOVSLNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
283,886.70
Year-over-Year Change
41.26%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contributed by state and local governments in the Great Lakes region. It provides insights into the economic activity and fiscal health of state and local public sectors in this major U.S. geographic area.
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 Gross Domestic Product: State and Local in the Great Lakes BEA Region trend tracks the economic output generated by state and local governments in the eight-state Great Lakes region. This data is useful for analyzing the role of the public sector in regional economic performance and informing policy decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
This trend is relevant for policymakers, economists, and market analysts studying the fiscal and economic conditions of state and local governments in the Great Lakes region.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, Wisconsin, Minnesota, Iowa, and Missouri.
- State and local government spending accounts for approximately 12% of GDP in the Great Lakes region.
- GDP from state and local governments in the region grew by 2.5% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contributed by state and local governments in the eight-state Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic activity and fiscal health of the public sector in the Great Lakes region, which is important for policymakers, economists, and market analysts studying regional economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and market analysts to understand the role of state and local governments in the regional economy and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: State and Local in the Great Lakes BEA Region (GLAKGOVSLNGSP), retrieved from FRED.