Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Indiana
INWPMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.59
Year-over-Year Change
28.66%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Indiana measures the volume of economic output in the wood products industry in the state. This metric is important for understanding regional economic trends and production capacity.
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 real, inflation-adjusted volume of goods produced by wood product manufacturers in Indiana. It serves as a key indicator of the state's industrial production and economic health in this important sector.
Methodology
The data is calculated using the chain-type quantity index formula applied to Gross Domestic Product figures for the wood products industry in Indiana.
Historical Context
Policymakers and economists use this trend to assess the performance of Indiana's manufacturing base and inform decisions around economic development initiatives.
Key Facts
- Indiana is a major producer of wood products, contributing over $5 billion annually to the state's economy.
- The wood products industry employs more than 25,000 Hoosiers across sawmills, cabinet shops, and other facilities.
- This index has shown steady growth in Indiana's wood products manufacturing over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Indiana measures the real, inflation-adjusted volume of economic output in the wood products industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding regional economic trends and production capacity in Indiana's manufacturing base, a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated using the chain-type quantity index formula applied to Gross Domestic Product figures for the wood products industry in Indiana.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the performance of Indiana's manufacturing sector and inform decisions around economic development initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Indiana (INWPMANQGSP), retrieved from FRED.