Real Gross Domestic Product: Nonmetallic Mineral Product Manufacturing (327) in Illinois
ILNMMPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,774.20
Year-over-Year Change
-11.92%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the nonmetallic mineral product manufacturing industry in Illinois. It provides insights into the productivity and economic output of this important manufacturing sector.
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: Nonmetallic Mineral Product Manufacturing (327) in Illinois series tracks the inflation-adjusted value added by the nonmetallic mineral product manufacturing industry, which includes the production of items like glass, cement, and ceramics. This metric is a key indicator of the industry's economic performance and competitiveness.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production, sales, and other economic indicators.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to assess the health of Illinois' manufacturing base and the broader state economy.
Key Facts
- Illinois is a major hub for nonmetallic mineral product manufacturing.
- This industry accounts for over 3% of the state's total GDP.
- Productivity in this sector has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the nonmetallic mineral product manufacturing industry in Illinois. It captures the inflation-adjusted value added by this sector to the state's overall economic output.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and competitiveness of a key manufacturing industry in Illinois. It is closely watched by policymakers, industry analysts, and investors to assess the health of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production, sales, and other economic indicators.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to evaluate the performance of Illinois' manufacturing base and inform decisions related to economic development, trade, and investment.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2-3 months. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Nonmetallic Mineral Product Manufacturing (327) in Illinois (ILNMMPMANRGSP), retrieved from FRED.