Gross Domestic Product: Chemical Manufacturing (325) in Minnesota
MNCHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,981.30
Year-over-Year Change
48.32%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the Gross Domestic Product (GDP) for the Chemical Manufacturing industry (NAICS code 325) in the state of Minnesota. It provides insights into the economic output and productivity of a key manufacturing sector in the state.
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 Chemical Manufacturing GDP indicator tracks the total value of goods and services produced by Minnesota's chemical industry, including the production of basic chemicals, resins, and other chemical products. This metric is widely used by economists and policymakers to assess the health and competitiveness of the state's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level production and pricing information.
Historical Context
This trend is relevant for understanding the performance of Minnesota's manufacturing economy and the role of the chemical industry in the state's overall economic growth.
Key Facts
- Chemical manufacturing accounts for over 10% of Minnesota's total GDP.
- Minnesota is home to several major chemical companies and production facilities.
- The chemical industry employs over 20,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Chemical Manufacturing industry (NAICS code 325) in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic output and productivity of a key manufacturing sector in Minnesota, which is useful for understanding the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level production and pricing information.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists analyzing the performance of Minnesota's manufacturing economy and the role of the chemical industry in the state's overall economic growth.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with potential delays of a few months between the end of the reference period and the data release.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in Minnesota (MNCHEMMANNGSP), retrieved from FRED.