Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in the Great Lakes BEA Region
GLAKMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
111.32
Year-over-Year Change
15.93%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in the Great Lakes BEA Region measures the inflation-adjusted output of the manufacturing sector in the Great Lakes economic region.
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 provides a comprehensive metric of manufacturing production in the Great Lakes states, which are a key driver of the U.S. economy. It is used by economists and policymakers to analyze the health and trends of the regional manufacturing industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula.
Historical Context
This metric informs economic policy decisions and market analysis related to the manufacturing industry.
Key Facts
- The Great Lakes region accounts for over a quarter of U.S. manufacturing GDP.
- Manufacturing makes up approximately 20% of the total economy in the Great Lakes states.
- This index has shown steady growth in regional manufacturing output since the Great Recession.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of the manufacturing sector in the Great Lakes region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: The manufacturing industry is a critical driver of economic activity in the Great Lakes states, so this metric provides important insights into regional economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to track changes in real manufacturing output.
Q: How is this trend used in economic policy?
A: This index informs policymakers and analysts about the health of the manufacturing sector, which is vital for making decisions related to economic development, trade, and industrial policy in the region.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Bureau of Economic Analysis, with a typical 1-2 month lag between the end of the reference period and the release of the index value.
Related Trends
Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in the Great Lakes BEA Region
GLAKPLASRUBMANRGSP
Chain-Type Quantity Index for Real GDP: Real Estate (531) in the Great Lakes BEA Region
GLAKREALQGSP
Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Great Lakes BEA Region
GLAKPROBUSRQGSP
Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in the Great Lakes BEA Region
GLAKELCEQAPMANNGSP
Gross Domestic Product: Accommodation (721) in the Great Lakes BEA Region
GLAKACCOMDNGSP
Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in the Great Lakes BEA Region
GLAKOTHSERVENQGSP
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in the Great Lakes BEA Region (GLAKMANQGSP), retrieved from FRED.