Real Gross Domestic Product: Chemical Manufacturing (325) in Massachusetts
MACHEMMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,461.10
Year-over-Year Change
110.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the chemical manufacturing industry in Massachusetts. It provides insights into the economic performance and productivity of a key sector in the state's economy.
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: Chemical Manufacturing (325) in Massachusetts series tracks the inflation-adjusted value added by the chemical manufacturing industry to the state's overall economic output. It serves as an important indicator of the industry's competitiveness, growth, and contribution to the Massachusetts economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic researchers to assess the health and competitiveness of Massachusetts' chemical manufacturing sector.
Key Facts
- Massachusetts is a leading state for chemical manufacturing in the U.S.
- The chemical industry accounts for over 10% of the state's total manufacturing GDP.
- Real GDP growth in Massachusetts' chemical sector has outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contributed by the chemical manufacturing industry in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of a key manufacturing sector in the Massachusetts economy, which is closely watched by policymakers, industry analysts, and economic researchers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health and competitiveness of Massachusetts' chemical manufacturing sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not reflect the most recent economic conditions. Additionally, the data is subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Chemical Manufacturing (325) in Massachusetts (MACHEMMANRGSP), retrieved from FRED.