Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in the Great Lakes BEA Region
GLAKMOTPICSNDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,249.60
Year-over-Year Change
6.92%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the Motion Picture and Sound Recording Industries (512) in the Great Lakes BEA Region tracks the economic output of this sector within the region. This metric is important for understanding regional trends in the entertainment 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 GDP for the Motion Picture and Sound Recording Industries (512) in the Great Lakes BEA Region measures the total value of goods and services produced by businesses in this industry across the eight-state Great Lakes region. It provides insight into the economic activity and competitiveness of this sector at the regional level.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This regional GDP metric can inform policy decisions and investments related to the entertainment industry in the Great Lakes area.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, Wisconsin, Minnesota, Pennsylvania, and New York.
- The motion picture and sound recording sector accounted for over $70 billion in GDP across the Great Lakes region in 2021.
- GDP growth in this industry has outpaced overall regional GDP growth in the Great Lakes over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total economic output or Gross Domestic Product (GDP) of the motion picture and sound recording industries across the eight-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This regional GDP data provides important insights into the size, growth, and competitiveness of the entertainment industry within the Great Lakes area, which can inform business, policy, and investment decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting principles.
Q: How is this trend used in economic policy?
A: This regional GDP metric can help policymakers and economic development officials assess the importance of the motion picture and sound recording industries, and make informed decisions about supporting or investing in this sector within the Great Lakes region.
Q: Are there update delays or limitations?
A: There may be lags of several months between the end of a reporting period and the release of the GDP data for the Motion Picture and Sound Recording Industries in the Great Lakes region.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in the Great Lakes BEA Region (GLAKMOTPICSNDNGSP), retrieved from FRED.