Gross Domestic Product: Machinery Manufacturing (333) in the Great Lakes BEA Region
GLAKMACHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,095.80
Year-over-Year Change
27.42%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the machinery manufacturing sector (NAICS 333) in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insights into the economic activity and production levels of this key manufacturing industry.
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: Machinery Manufacturing (333) in the Great Lakes BEA Region tracks the total value of goods and services produced by the machinery manufacturing industry within the eight-state Great Lakes region. This data series is a key indicator of the region's industrial output and economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Economists and policymakers use this trend to analyze the health and competitiveness of the Great Lakes manufacturing sector.
Key Facts
- The Great Lakes region accounts for over 50% of U.S. machinery manufacturing GDP.
- Machinery manufacturing represents nearly 20% of total GDP in the Great Lakes region.
- GDP in this sector has grown by 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the machinery manufacturing sector (NAICS 333) within the eight-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic performance and competitiveness of a crucial manufacturing industry in a major U.S. industrial heartland.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to analyze the health and competitiveness of the Great Lakes manufacturing sector, which informs decisions on trade, investment, and economic development.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately two months.
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Gross Domestic Product: Real Estate and Rental and Leasing (53) in the Great Lakes BEA Region
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Real Gross Domestic Product: Wholesale Trade (42) in the Great Lakes BEA Region
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Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in the Great Lakes BEA Region
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Real Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in the Great Lakes BEA Region
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Real Gross Domestic Product: Finance and Insurance (52) in the Great Lakes BEA Region
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Citation
U.S. Federal Reserve, Gross Domestic Product: Machinery Manufacturing (333) in the Great Lakes BEA Region (GLAKMACHMANNGSP), retrieved from FRED.