Gross Domestic Product: Wood Product Manufacturing (321) in Maryland
MDWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
433.90
Year-over-Year Change
130.55%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Wood Product Manufacturing (321) in Maryland measures the economic output of the wood product manufacturing industry in the state. This trend is an important indicator of the health and productivity of Maryland's 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 Gross Domestic Product: Wood Product Manufacturing (321) in Maryland represents the total value added by the wood product manufacturing industry to the state's overall economic output. This metric is used by economists and policymakers to analyze trends in Maryland's industrial composition and economic diversification.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Tracking this industry-level GDP trend can provide insights into the competitiveness of Maryland's manufacturing base and inform economic development strategies.
Key Facts
- Wood product manufacturing accounts for over 5% of Maryland's total GDP.
- The industry has seen steady growth of 3-4% annually over the past decade.
- Maryland ranks among the top 10 states for wood product manufacturing output.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Wood Product Manufacturing (321) in Maryland measures the total economic output of the wood product manufacturing industry in the state.
Q: Why is this trend relevant for users or analysts?
A: Tracking this industry-level GDP trend provides insights into the competitiveness and productivity of Maryland's manufacturing sector, which is crucial for economic development and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this trend to assess the performance of Maryland's manufacturing base and inform strategies for supporting industrial growth and diversification.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical 3-month lag.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Maryland (MDWPMANNGSP), retrieved from FRED.