Real Gross Domestic Product: Manufacturing (31-33) in Minnesota
MNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
46,256.00
Year-over-Year Change
10.11%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic indicator tracks the real gross domestic product (GDP) of the manufacturing sector in Minnesota. It provides insights into the productivity and output of the state's manufacturing industry, which is a crucial component of the regional and national 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
The Real Gross Domestic Product: Manufacturing (31-33) in Minnesota measures the inflation-adjusted value of goods and services produced by the manufacturing sector in the state. It is a key indicator of the manufacturing industry's economic health and can inform policy decisions and investment strategies.
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 widely used by economists, policymakers, and businesses to assess the performance and outlook of Minnesota's manufacturing sector and its broader economic implications.
Key Facts
- Minnesota's manufacturing sector accounts for over 13% of the state's GDP.
- The manufacturing industry employs more than 315,000 people in Minnesota.
- Minnesota ranks among the top 10 states in the U.S. for manufacturing output.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the real (inflation-adjusted) gross domestic product of the manufacturing sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: The manufacturing industry is a crucial component of Minnesota's economy, and this metric provides insights into its productivity and performance, which are important for policymakers, businesses, and investors.
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: This metric is widely used by economists, policymakers, and businesses to assess the performance and outlook of Minnesota's manufacturing sector and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for minor delays due to the comprehensive nature of the calculations.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Manufacturing (31-33) in Minnesota (MNMANRGSP), retrieved from FRED.