Gross Domestic Product: Air Transportation (481) in Minnesota
MNAIRTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,300.90
Year-over-Year Change
96.21%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Air Transportation (481) in Minnesota measures the economic output of the air transportation industry in the state. This metric is crucial for understanding the health and performance of a key sector within Minnesota'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
This series represents the gross domestic product, or total economic output, generated by the air transportation industry (NAICS code 481) in the state of Minnesota. It is a valuable indicator of the industry's contribution to the overall state economy and can inform policy decisions and business strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this trend to gauge the competitiveness and growth potential of Minnesota's air transportation sector.
Key Facts
- Minnesota's air transportation GDP was $2.8 billion in 2021.
- The air transportation industry accounts for 1.4% of Minnesota's total economic output.
- This trend has grown by an average of 3.2% annually over the past 10 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product, or total economic output, generated by the air transportation industry (NAICS code 481) in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the health and performance of a key sector within Minnesota's economy, and can inform policy decisions and business strategies.
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: Policymakers and industry analysts closely monitor this trend to gauge the competitiveness and growth potential of Minnesota's air transportation sector.
Q: Are there update delays or limitations?
A: The data is updated periodically by the U.S. Bureau of Economic Analysis, with a typical release schedule and potential for revision.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Air Transportation (481) in Minnesota (MNAIRTRANNGSP), retrieved from FRED.