Gross Domestic Product: Manufacturing (31-33) in Maryland
MDMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28,730.20
Year-over-Year Change
60.28%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Manufacturing (31-33) in Maryland measures the total economic output of the manufacturing sector in the state. This indicator is crucial for understanding the health and competitiveness of Maryland's manufacturing industry.
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 gross domestic product (GDP) originating in the manufacturing sector (North American Industry Classification System codes 31-33) of the Maryland economy. It is a key indicator of the state's industrial production and economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Historical Context
Manufacturing GDP data is widely used by policymakers, analysts, and businesses to assess Maryland's economic conditions and competitiveness.
Key Facts
- Maryland's manufacturing GDP was $35.1 billion in 2021.
- Manufacturing accounts for 8.5% of Maryland's total economic output.
- The state's manufacturing GDP has grown by 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total real gross domestic product (GDP) originating in the manufacturing sector of the Maryland economy, covering NAICS codes 31-33.
Q: Why is this trend relevant for users or analysts?
A: Manufacturing GDP is a crucial indicator of Maryland's industrial production, competitiveness, and overall economic performance. It is widely used by policymakers, businesses, and economists to assess the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics for the state of Maryland.
Q: How is this trend used in economic policy?
A: Manufacturing GDP data is used by policymakers, economists, and businesses to evaluate Maryland's economic conditions, guide investment and policy decisions, and benchmark the state's competitiveness against other regions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so it may not reflect the most recent economic conditions. Additionally, industry-level GDP statistics can be subject to revisions over time.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Manufacturing (31-33) in Maryland (MDMANNGSP), retrieved from FRED.