Real Gross Domestic Product: Private Industries in the Great Lakes BEA Region
GLAKPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,693,369.10
Year-over-Year Change
4.51%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Private Industries in the Great Lakes BEA Region measures the inflation-adjusted economic output of private industries within the Great Lakes region of the United States. This metric is a key indicator of regional economic growth 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
This data series tracks the total inflation-adjusted value added by private sector industries in the Great Lakes Bureau of Economic Analysis (BEA) region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin. It serves as an important barometer for understanding the region's economic trends and dynamics.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of surveys and economic indicators.
Historical Context
Policymakers and analysts monitor this regional GDP measure to assess the economic health and development of the Great Lakes states.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Manufacturing is a major driver of the region's private industry output.
- This metric saw a sharp decline during the 2008-2009 recession.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total inflation-adjusted value added by private sector industries in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: The Real Gross Domestic Product: Private Industries in the Great Lakes BEA Region is an important indicator of the region's economic health and performance, providing insights for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of surveys and economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this regional GDP measure to assess the economic development and growth prospects of the Great Lakes states.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 1-2 months.
Related Trends
Per Capita Personal Consumption Expenditures: Nondurable Goods: Other Nondurable Goods for Great Lakes BEA Region
GLAKPCEPCONDURG
Personal Consumption Expenditures: Services: Food Services and Accommodations for Great Lakes BEA Region
GLAKPCEFDSRVACCMD
Gross Domestic Product: Funds, Trusts, and Other Financial Vehicles (525) in the Great Lakes BEA Region
GLAKFNDTRSTNGSP
Gross Domestic Product: Transit and Ground Passenger Transportation (485) in the Great Lakes BEA Region
GLAKTRANGRNDTRANNGSP
Real Gross Domestic Product: Primary Metal Manufacturing (331) in the Great Lakes BEA Region
GLAKPRIMETMANRGSP
Real Gross Domestic Product: Legal Services (5411) in the Great Lakes BEA Region
GLAKLEGALRGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in the Great Lakes BEA Region (GLAKPIRQGSP), retrieved from FRED.