Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in the Great Lakes BEA Region
GLAKMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,419.60
Year-over-Year Change
28.00%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in the Great Lakes region of the United States. It provides valuable insights into the economic performance and importance of this sector within the regional economy.
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: Mining, Quarrying, and Oil and Gas Extraction (21) in the Great Lakes BEA Region tracks the economic output of the mining, quarrying, and oil and gas extraction industries in the Great Lakes region. This data is used by economists and policymakers to analyze the relative strength and contributions of this sector to the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and economic models.
Historical Context
This trend is relevant for understanding the role of the mining, quarrying, and oil and gas extraction industry in the Great Lakes regional economy and its impact on broader economic conditions.
Key Facts
- The Great Lakes region is a major hub for mining, quarrying, and oil and gas extraction activities.
- This industry accounts for a significant portion of the region's economic output and employment.
- Fluctuations in this trend can have a substantial impact on the overall economic performance of the Great Lakes states.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and importance of the mining, quarrying, and oil and gas extraction sector within the Great Lakes regional economy, which is crucial for understanding broader economic conditions in the area.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and economic models.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the role and impact of the mining, quarrying, and oil and gas extraction industry on the Great Lakes regional economy, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Bureau of Economic Analysis, which should be considered when interpreting the trend.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in the Great Lakes BEA Region (GLAKMINNQGSP), retrieved from FRED.