Gross Domestic Product: All Industry Total in Massachusetts
MANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
780,666.20
Year-over-Year Change
76.87%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: All Industry Total in Massachusetts measures the total economic output of all industries in the state. It is a key indicator of Massachusetts' economic health and performance.
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 series represents the total value added by all industries located in Massachusetts, providing a comprehensive measure of the state's economic activity. It is widely used by economists, policymakers, and analysts to assess the state's economic conditions and trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is crucial for understanding Massachusetts' economic landscape and informing policy decisions.
Key Facts
- Massachusetts has the 5th largest state economy in the U.S.
- The state's GDP has grown by an average of 3.2% annually over the past 5 years.
- The finance, insurance, and real estate sectors account for the largest share of Massachusetts' GDP.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: All Industry Total in Massachusetts measures the total economic output of all industries located within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding Massachusetts' economic landscape and informing policy decisions, as it provides a comprehensive measure of the state's economic activity and performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and analysts use this metric to assess the state's economic conditions and trends, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Massachusetts (MANGSP), retrieved from FRED.