Gross Domestic Product: Real Estate (531) in the Great Lakes BEA Region
GLAKREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
402,394.00
Year-over-Year Change
60.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Real Estate (531) in the Great Lakes BEA Region measures the economic output of the real estate sector in the Great Lakes region of the United States. This metric is crucial for understanding regional economic trends and informing policy decisions.
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 series represents the real estate component of the Gross Domestic Product (GDP) for the Great Lakes Bureau of Economic Analysis (BEA) region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin. It is a key indicator of the health and growth of the real estate industry within this major economic region.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting.
Historical Context
Policymakers and economists use this regional real estate GDP metric to assess the performance and outlook of the real estate market, which has significant implications for the broader economy.
Key Facts
- The Great Lakes region accounts for nearly 20% of U.S. GDP.
- Real estate is a major component of the region's economic output.
- The real estate GDP metric reflects activity in residential, commercial, and industrial property markets.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real estate component of the Gross Domestic Product (GDP) for the Great Lakes Bureau of Economic Analysis (BEA) region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This regional real estate GDP metric is crucial for understanding the performance and outlook of the real estate market, which has significant implications for the broader economy in the Great Lakes region.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this real estate GDP metric to assess the health and growth of the real estate industry, which informs policy decisions with implications for regional economic development.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the publication of the GDP data, but the U.S. Bureau of Economic Analysis provides regular updates on this and other economic indicators.
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Real Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in the Great Lakes BEA Region
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Gross Domestic Product: Construction (23) in the Great Lakes BEA Region
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Citation
U.S. Federal Reserve, Gross Domestic Product: Real Estate (531) in the Great Lakes BEA Region (GLAKREALNGSP), retrieved from FRED.