Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Minnesota
MNDURMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29,236.60
Year-over-Year Change
12.81%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) in the durable goods manufacturing sector of Minnesota. It provides important insights into the state's manufacturing activity and economic performance.
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: Durable Goods Manufacturing (321, 327-339) in Minnesota series tracks the inflation-adjusted output of the durable goods manufacturing industry in the state. It is a key indicator of Minnesota's industrial production and economic health.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is closely monitored by policymakers, analysts, and businesses to assess Minnesota's manufacturing competitiveness and guide economic decision-making.
Key Facts
- Minnesota is a major producer of durable goods, including machinery, electronics, and transportation equipment.
- Durable goods manufacturing accounts for over 10% of Minnesota's total economic output.
- This metric has shown steady growth in recent years, indicating the state's manufacturing sector remains competitive.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the durable goods manufacturing sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: The durable goods manufacturing industry is a crucial component of Minnesota's economy, and this metric provides valuable insights into the state's industrial production and economic performance.
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, analysts, and businesses closely monitor this metric to assess Minnesota's manufacturing competitiveness and guide economic decision-making.
Q: Are there update delays or limitations?
A: This data is published on a regular schedule by the U.S. Bureau of Economic Analysis, with minimal delays. However, as with any economic statistic, there may be limitations in terms of scope or accuracy.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Minnesota (MNDURMANRGSP), retrieved from FRED.