Real Gross Domestic Product: Chemical Manufacturing (325) in Maryland
MDCHEMMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,650.90
Year-over-Year Change
18.48%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures real gross domestic product (GDP) specifically for the chemical manufacturing industry (NAICS code 325) in the state of Maryland. It provides valuable insights into the economic performance and productivity of this important 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 Real Gross Domestic Product: Chemical Manufacturing (325) in Maryland series is a key economic indicator that tracks the inflation-adjusted output of the chemical manufacturing industry in the state. It serves as a gauge of the sector's contribution to Maryland's overall economic activity and productivity.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methodologies.
Historical Context
Policymakers and analysts utilize this metric to assess the health and competitiveness of Maryland's chemical manufacturing industry and its impact on the state's economy.
Key Facts
- Chemical manufacturing accounts for over 10% of Maryland's total GDP.
- The state's chemical industry employs more than 20,000 workers.
- Maryland's chemical manufacturing sector has experienced steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the chemical manufacturing industry (NAICS code 325) in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the economic performance and productivity of Maryland's chemical manufacturing sector, which is an important contributor to the state's overall 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 established national accounting methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and analysts utilize this metric to assess the health and competitiveness of Maryland's chemical manufacturing industry and its impact on the state's economy, informing economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Chemical Manufacturing (325) in Maryland (MDCHEMMANRGSP), retrieved from FRED.