Real Gross Domestic Product: Military in Maryland
MDGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,483.90
Year-over-Year Change
-0.95%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Military in Maryland' series measures the economic output of the military sector in the state of Maryland, adjusted for inflation. This metric is important for understanding the contribution of defense-related activities to the state's overall economic performance.
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
This series represents the real dollar value of goods and services produced by the military in Maryland, a key component of the state's economy. Economists and policymakers use this data to assess the economic impact of federal military spending and operations within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This metric provides insight into the role of military-related economic activity in Maryland, which is often a significant driver of the state's economic growth and development.
Key Facts
- Maryland has a large military presence, with several major bases and facilities.
- The military sector accounts for a significant portion of the state's economic output.
- This metric helps policymakers understand the economic impact of federal defense spending in Maryland.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) of the military sector in the state of Maryland, providing a gauge of the economic output and contribution of defense-related activities in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the role of the military in Maryland's economy and the impact of federal defense spending on the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the economic impact of the military sector in Maryland and inform decisions related to federal defense spending and its influence on the state's economic development.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedules and potential revisions common to economic statistics published by government agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Maryland (MDGOVFEDMILRGSP), retrieved from FRED.