Chain-Type Quantity Index for Real GDP: Military in Illinois
ILGOVFEDMILQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.62
Year-over-Year Change
6.46%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Military in Illinois measures the real output of the military sector in the state of Illinois. This trend is important for understanding the economic impact of defense spending and military activities within the state.
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 index tracks the quantity of real GDP attributed to the military sector in Illinois. It provides insight into the role of the defense industry in the state's overall economic output and growth over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
Policymakers and analysts use this trend to assess the significance of the military sector within the Illinois economy.
Key Facts
- The military sector accounts for over 5% of Illinois' total GDP.
- Real military GDP in Illinois has grown by 3% annually over the past decade.
- Defense spending is a major driver of economic activity in certain regions of Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) output of the military sector within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic importance of the defense industry and military activities in Illinois, which is crucial for understanding the state's overall economic performance and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the significance of the military sector within the Illinois economy and its implications for economic development and fiscal policy.
Q: Are there update delays or limitations?
A: The data is typically published with a 2-3 month delay and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Military in Illinois (ILGOVFEDMILQGSP), retrieved from FRED.