Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Maryland
MDFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
171.80
Year-over-Year Change
-24.48%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the furniture and related product manufacturing industry in the state of Maryland. It provides insights into the performance and productivity of this key manufacturing sector within the state's economy.
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: Furniture and Related Product Manufacturing (337) in Maryland series tracks the inflation-adjusted value of goods and services produced by this specific industry in the state. This metric is used by economists and policymakers to analyze the health and competitiveness of Maryland's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This industry-level GDP metric helps inform economic policies and business decisions related to Maryland's manufacturing sector.
Key Facts
- Maryland's furniture manufacturing GDP was $1.2 billion in 2021.
- This industry accounts for 2.4% of the state's total manufacturing output.
- Real GDP in this sector has grown by 7.3% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the furniture and related product manufacturing industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP metric provides valuable insights into the performance and competitiveness of a key manufacturing sector within Maryland's economy, informing economic policies and business decisions.
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 principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to analyze the health and productivity of Maryland's manufacturing base, which can inform decisions related to economic development, workforce training, and competitiveness strategies.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the publication of the latest data, as is common with many economic statistics.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Maryland (MDFURNMANRGSP), retrieved from FRED.