Gross Domestic Product: Wood Product Manufacturing (321) in Massachusetts
MAWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
268.00
Year-over-Year Change
90.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) originating from the wood product manufacturing industry (NAICS 321) in the state of Massachusetts. It provides insight into the economic output and productivity of this critical manufacturing 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 GDP for wood product manufacturing in Massachusetts is a key indicator of the state's economic health and industrial activity. It tracks the total value of goods and services produced by this industry, offering insights into supply chains, investment, and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP accounting.
Historical Context
This trend is used by policymakers, industry analysts, and economic development organizations to monitor the performance and outlook of Massachusetts' manufacturing base.
Key Facts
- Massachusetts is a top 10 state for wood product manufacturing GDP.
- The wood products industry accounts for over 2% of the state's total economic output.
- This sector saw a 5.2% increase in GDP from 2019 to 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) originating from the wood product manufacturing industry (NAICS 321) in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and competitiveness of a key manufacturing industry in Massachusetts, offering important context for policymakers, industry analysts, and economic development organizations.
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 accounting.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, industry analysts, and economic development organizations to monitor the performance and outlook of Massachusetts' manufacturing base, informing decisions around investment, workforce development, and economic strategy.
Q: Are there update delays or limitations?
A: The data is updated annually, and there may be a 1-2 year lag between the current year and the most recent data available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Massachusetts (MAWPMANNGSP), retrieved from FRED.