Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Massachusetts
MAMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
230.90
Year-over-Year Change
45.13%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction sector in Massachusetts. It provides insight into the productivity and contribution of this industry to the state's overall economic output.
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 Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Massachusetts metric tracks the total value of goods and services produced by this specific industry within the state. It is a key indicator for understanding the relative importance and performance of this sector to Massachusetts' economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and estimates of industry activity.
Historical Context
This trend is used by policymakers, researchers, and businesses to assess the health and trajectory of Massachusetts' extractive industries and their impact on the broader state economy.
Key Facts
- Massachusetts' mining, quarrying, and oil/gas extraction sector accounts for approximately 1% of the state's total GDP.
- This industry's GDP has fluctuated between $1.5-$2 billion over the past decade in Massachusetts.
- The mining and extraction sector employs around 7,000 workers in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction sector within the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and contribution of Massachusetts' extractive industries to the state's overall economic output, which is valuable information for policymakers, researchers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and estimates of industry activity.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, researchers, and businesses to assess the health and trajectory of Massachusetts' extractive industries and their impact on the broader state economy.
Q: Are there update delays or limitations?
A: There may be some lag in the data availability, as it is collected and published by the federal government.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Massachusetts (MAMINNGSP), retrieved from FRED.