Gross Domestic Product: Private Industries in the Great Lakes BEA Region
GLAKPINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,469,445.90
Year-over-Year Change
17.04%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Private Industries in the Great Lakes BEA Region is a key economic indicator that measures the total economic output of private industries in the Great Lakes region of the United States. This metric is closely watched by economists and policymakers to assess the region's economic health and performance.
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: Private Industries in the Great Lakes BEA Region represents the total value added by private companies and organizations in the Great Lakes region, which encompasses Illinois, Indiana, Michigan, Ohio, and Wisconsin. This data is used to analyze regional economic trends, guide policy decisions, and inform investment strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using various surveys and economic modeling techniques.
Historical Context
This economic indicator is used by government agencies, financial institutions, and businesses to monitor the economic conditions and growth potential of the Great Lakes region.
Key Facts
- The Great Lakes region accounts for over a quarter of the U.S. GDP.
- Manufacturing is a significant driver of the region's private industry output.
- The region has experienced uneven economic recovery since the Great Recession.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Industries in the Great Lakes BEA Region measures the total economic output of private companies and organizations in the five-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the economic health and performance of the Great Lakes region, which is a major contributor to the overall U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and modeling techniques.
Q: How is this trend used in economic policy?
A: Government agencies, financial institutions, and businesses use this indicator to monitor regional economic conditions and inform policy decisions, investment strategies, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, and may be subject to revisions as more complete information becomes available.
Related Trends
Personal Consumption Expenditures: Services for Great Lakes BEA Region
GLAKPCESRV
Gross Domestic Product: Educational Services (61) in the Great Lakes BEA Region
GLAKEDCATNGSP
Chain-Type Quantity Index for Real GDP: Funds, Trusts, and Other Financial Vehicles (525) in the Great Lakes BEA Region
GLAKFNDTRSTQGSP
Gross Domestic Product: Management of Companies and Enterprises (55) in the Great Lakes BEA Region
GLAKMNGCOENTPRNQGSP
Real Gross Domestic Product: Retail Trade (44-45) in the Great Lakes BEA Region
GLAKRETAILRQGSP
Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in the Great Lakes BEA Region
GLAKEDHLTHSOCASSNGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in the Great Lakes BEA Region (GLAKPINQGSP), retrieved from FRED.