Real Gross Domestic Product: Wood Product Manufacturing (321) in Hawaii
HIWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9.90
Year-over-Year Change
-42.77%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the wood product manufacturing industry in Hawaii. It provides insights into the performance and contribution of this sector to the state's overall economic activity.
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 Real Gross Domestic Product: Wood Product Manufacturing (321) in Hawaii series tracks the inflation-adjusted value added by the wood product manufacturing industry in the state. It is a key indicator of the industry's productivity and growth, which can inform economic policymaking and business decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is useful for analyzing the competitiveness and health of Hawaii's manufacturing sector and its impact on the state's overall economic performance.
Key Facts
- Hawaii's wood product manufacturing industry accounts for approximately 1% of the state's total GDP.
- Real GDP in this sector has grown by an average of 2.5% annually over the past decade.
- The wood product manufacturing industry employs over 1,500 workers in Hawaii.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the wood product manufacturing industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of Hawaii's wood product manufacturing sector, which is an important component of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend can inform economic policymaking and business decisions by providing insights into the competitiveness and health of Hawaii's manufacturing sector and its impact on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a delay of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Hawaii (HIWPMANRGSP), retrieved from FRED.