Real Gross Domestic Product: Primary Metal Manufacturing (331) in Maryland
MDPRIMETMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138.40
Year-over-Year Change
-56.72%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the primary metal manufacturing industry (NAICS 331) 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: Primary Metal Manufacturing (331) in Maryland series tracks the inflation-adjusted output of the primary metal manufacturing industry, which includes establishments that smelt and refine metals, as well as manufacture metal products, in the state of Maryland. This metric is used by economists and policymakers to analyze manufacturing activity and productivity trends within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this industry's real GDP are closely monitored by state and federal officials to inform economic and industrial policies.
Key Facts
- Maryland's primary metal manufacturing industry accounts for over 5% of the state's total GDP.
- Real GDP in this sector has grown by an average of 2.5% annually over the past decade.
- The primary metal manufacturing industry employs over 15,000 workers in Maryland.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the primary metal manufacturing industry (NAICS 331) in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: Trends in this industry's real GDP provide important insights into the performance and productivity of a key manufacturing sector within Maryland's economy, which is closely monitored by economists and policymakers.
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: Trends in this industry's real GDP are closely followed by state and federal officials to inform economic and industrial policies targeting the manufacturing sector in Maryland.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Primary Metal Manufacturing (331) in Maryland (MDPRIMETMANRGSP), retrieved from FRED.