Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois
ILMINQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69.63
Year-over-Year Change
4.02%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois measures the inflation-adjusted output of the mining and oil/gas sectors in 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 volume of production in the mining, quarrying, and oil and gas extraction industries in Illinois. It is a key indicator of economic activity and investment in these critical natural resource sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its Gross Domestic Product (GDP) by state program.
Historical Context
Policymakers and analysts use this index to gauge the health and trends in Illinois' energy and extractives industries.
Key Facts
- Illinois is a major producer of oil, gas, and other minerals.
- This index helps track fluctuations in a key sector of the state's economy.
- The mining and extraction industries are important contributors to Illinois' GDP.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output and production volumes of the mining, quarrying, and oil and gas extraction industries in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of activity and investment in Illinois' energy and natural resource sectors, which are important contributors to the state's economy.
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 its Gross Domestic Product (GDP) by state program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to gauge the health and trends in Illinois' energy and extractives industries, which informs economic and regulatory decision-making.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois (ILMINQQGSP), retrieved from FRED.