Gross Domestic Product: Chemical Manufacturing (325) in Massachusetts
MACHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20,859.50
Year-over-Year Change
200.99%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Massachusetts. It provides insights into the economic output and performance of this key manufacturing sector 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
The chemical manufacturing industry is a significant component of Massachusetts' economy, contributing to the state's overall economic growth and productivity. This GDP series tracks the total value of goods and services produced by chemical manufacturers in Massachusetts, offering a gauge of the industry's economic health and contribution to the state's economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP estimates.
Historical Context
Policymakers and economists use this trend to assess the performance and competitiveness of Massachusetts' chemical manufacturing sector, which is crucial for the state's economic development and employment.
Key Facts
- Chemical manufacturing accounts for about 6% of Massachusetts' total GDP.
- The state's chemical industry employs over 20,000 people.
- Massachusetts is a leading hub for the pharmaceutical and biotechnology industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and competitiveness of Massachusetts' chemical manufacturing sector, which is a crucial component of 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 (BEA) as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and competitiveness of Massachusetts' chemical manufacturing industry, which is important for the state's economic development and employment.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in Massachusetts (MACHEMMANNGSP), retrieved from FRED.