Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Massachusetts
MATRANGRNDTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,415.40
Year-over-Year Change
129.28%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the transit and ground passenger transportation industry in Massachusetts. It provides important insights into the economic activity and performance of this key sector.
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: Transit and Ground Passenger Transportation (485) in Massachusetts series represents the total economic output of the transportation industry, including public transit, taxi, limousine, and other ground passenger services within the state. This metric is crucial for analyzing the health and growth of the local transportation economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and transportation analysts use this trend to gauge the economic impact of the transit and passenger transportation sector and inform infrastructure investment decisions.
Key Facts
- Massachusetts's transit and passenger transportation GDP was $3.9 billion in 2021.
- This industry accounts for 1.1% of the state's total economic output.
- The sector saw a 12.5% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the transit and ground passenger transportation industry in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and activity of the transportation sector, which is crucial for policymakers and analysts to understand.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and transportation analysts use this trend to gauge the economic impact of the transit and passenger transportation sector and inform infrastructure investment decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Massachusetts (MATRANGRNDTRANNGSP), retrieved from FRED.