Gross Domestic Product: Wood Product Manufacturing (321) in Minnesota
MNWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,959.70
Year-over-Year Change
99.48%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the wood product manufacturing industry in Minnesota. It is an important indicator of the state's manufacturing and construction sectors.
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: Wood Product Manufacturing (321) in Minnesota series tracks the total economic output of the wood product manufacturing industry in the state. This data is used by economists and policymakers to assess the health and performance of Minnesota's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Trends in wood product manufacturing GDP provide insights into Minnesota's construction, housing, and broader economic conditions.
Key Facts
- Minnesota is a major producer of wood products.
- The wood products industry accounts for over 30,000 jobs in the state.
- GDP in this sector declined during the 2008 recession but has since recovered.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or gross domestic product (GDP) of the wood product manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: The wood products industry is an important part of Minnesota's manufacturing base, so this GDP trend provides insight into the state's economic performance and growth potential.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Trends in wood product manufacturing GDP are monitored by economists and policymakers to assess the health of Minnesota's construction, housing, and broader economic conditions.
Q: Are there update delays or limitations?
A: This GDP data is typically released with a 2-3 month lag and may be subject to periodic revisions by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Minnesota (MNWPMANNGSP), retrieved from FRED.