Gross Domestic Product: Chemical Manufacturing (325) in Illinois
ILCHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,689.70
Year-over-Year Change
169.42%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Illinois. It provides insights into the performance and contribution of this key manufacturing sector to the state's economy.
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 ILCHEMMANNGSP series represents the value added by the chemical manufacturing industry to Illinois' GDP. This metric is used by economists and policymakers to analyze the health and competitiveness of this important industrial segment within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP by industry estimates.
Historical Context
This trend is relevant for understanding the economic conditions and policy needs of Illinois' manufacturing base and its influence on the state's overall economic performance.
Key Facts
- Illinois is a major hub for the chemical manufacturing industry.
- This sector accounts for over 5% of the state's total GDP.
- Chemical manufacturing GDP in Illinois has grown by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the chemical manufacturing industry (NAICS 325) within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic contribution of a key manufacturing sector in Illinois, which is valuable for policymakers, investors, and economic analysts.
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 regional GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the health and competitiveness of Illinois' manufacturing base and its influence on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published with a lag of several quarters, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in Illinois (ILCHEMMANNGSP), retrieved from FRED.