Real Gross Domestic Product: Wood Product Manufacturing (321) in Maryland
MDWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
271.00
Year-over-Year Change
3.95%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Maryland tracks the inflation-adjusted output of the wood products manufacturing industry in the state. It is an important indicator of economic activity and productivity in this 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
This economic series measures the real, inflation-adjusted value of goods produced by wood product manufacturing establishments in Maryland. It is a key metric for understanding the state's industrial output and can provide insights into the health of the local economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Historical Context
Policymakers and analysts use this trend to evaluate the performance of Maryland's manufacturing sector and make informed decisions about economic development.
Key Facts
- Maryland's wood product manufacturing industry accounts for over $1 billion in annual GDP.
- The sector employs more than 10,000 workers in the state.
- Real GDP in this industry has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the wood product manufacturing industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and productivity of a key manufacturing sector in Maryland, which is important for evaluating the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this trend to assess the state of Maryland's manufacturing sector and make informed decisions about economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in observing the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Maryland (MDWPMANRGSP), retrieved from FRED.