Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Massachusetts
MATRANGRNDTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,621.80
Year-over-Year Change
111.70%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the transit and ground passenger transportation industry in Massachusetts. It provides insights into the economic activity and performance of this crucial transportation sector within 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 Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Massachusetts metric tracks the inflation-adjusted output of businesses engaged in providing passenger transportation and services, such as urban transit systems, taxis, limousines, and school and employee transportation. This data is a key indicator of the health and productivity of Massachusetts' transportation infrastructure and services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts (NIPA) methodology.
Historical Context
This economic trend is closely monitored by policymakers, transportation planners, and industry analysts to assess the state's transportation capacity, investment needs, and economic competitiveness.
Key Facts
- Massachusetts' transit and ground passenger transportation industry accounts for approximately 1.2% of the state's total real GDP.
- This economic sector has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic significantly impacted ridership and revenue for many transit providers in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the transit and ground passenger transportation industry in Massachusetts, including urban transit systems, taxis, limousines, and school/employee transportation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and capacity of Massachusetts' critical transportation infrastructure, which is crucial for supporting business activity, commuter mobility, and the overall competitiveness 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 using national income and product accounts (NIPA) methodology.
Q: How is this trend used in economic policy?
A: Policymakers, transportation planners, and industry analysts closely monitor this trend to assess the state's transportation capacity, investment needs, and economic competitiveness, informing infrastructure planning and funding decisions.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be lags of several months between the reference period and the most recent published estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Massachusetts (MATRANGRNDTRANRGSP), retrieved from FRED.