Real Gross Domestic Product: Private Goods-Producing Industries in Illinois
ILPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
143,439.10
Year-over-Year Change
4.26%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Goods-Producing Industries in Illinois measures the inflation-adjusted economic output of the private goods-producing sector in the state of Illinois. This metric is a key indicator of the health and productivity of Illinois' manufacturing and industrial base.
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 data series tracks the total real value added by private goods-producing industries in Illinois, which includes manufacturing, mining, and construction. It provides important insights into the performance and contributions of the state's core industrial and production activities.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to adjust for inflation.
Historical Context
Policymakers and analysts closely monitor this metric to assess the broader economic conditions and competitive position of Illinois' private sector.
Key Facts
- Illinois is the 5th largest state economy in the U.S.
- Manufacturing accounts for over 12% of Illinois' GDP.
- The private goods-producing sector employs over 1 million workers in Illinois.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total real output or value added by private goods-producing industries in the state of Illinois, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and competitiveness of Illinois' core industrial and production base, which is a key driver of the state's overall economic growth and employment.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this metric to assess broader economic conditions and the competitive position of Illinois' private sector, which informs decision-making on issues like taxation, regulation, and economic development initiatives.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately 3 months from the end of the reference period.
Related Trends
Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Illinois
ILPROBUSNQGSP
Number of Identified Exporters to Poland from Illinois
ILPOLA475SCEN
All Employees: Professional and Business Services: Waste Management and Remediation Services in Illinois
SMU17000006056200001SA
Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Illinois
ILMINNQGSP
Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois
ILPRFRMSPRTMSMNGSP
Average Hourly Earnings of All Employees: Information in Illinois
SMU17000005000000003
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in Illinois (ILPRIGOODPRORGSP), retrieved from FRED.