Gross Domestic Product: Manufacturing (31-33) in Minnesota
MNMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58,799.10
Year-over-Year Change
39.70%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the Gross Domestic Product (GDP) generated by the manufacturing sector in Minnesota. It provides valuable insights into the economic health and productivity of a key industry 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 Gross Domestic Product: Manufacturing (31-33) in Minnesota series tracks the total economic output of the manufacturing industry in the state. It is an important indicator of Minnesota's industrial activity and competitiveness, as manufacturing plays a significant role in the state's economy.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
Policymakers and economists use this trend to assess the performance and outlook of Minnesota's manufacturing sector, which informs economic and industrial policies.
Key Facts
- Minnesota's manufacturing sector accounts for over 13% of the state's GDP.
- The manufacturing industry employs more than 310,000 Minnesotans.
- Minnesota is a national leader in medical device, food processing, and machinery manufacturing.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total Gross Domestic Product (GDP) generated by the manufacturing industry in the state of Minnesota, including sectors such as food processing, machinery, and medical devices.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of Minnesota's manufacturing sector, which is a critical driver of the state's economy. It helps policymakers and economists assess the industry's contribution to overall economic growth and productivity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles and methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate the health and outlook of Minnesota's manufacturing sector, which informs economic development strategies, industrial policies, and workforce initiatives.
Q: Are there update delays or limitations?
A: This data is typically published with a lag of several months, as the BEA collects and processes the underlying information. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Manufacturing (31-33) in Minnesota (MNMANNGSP), retrieved from FRED.