Real Gross Domestic Product: Wood Product Manufacturing (321) in Mississippi
MSWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,104.70
Year-over-Year Change
19.26%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Mississippi measures the inflation-adjusted economic output of the wood product manufacturing industry in the state. This statistic is important for understanding Mississippi's industrial composition 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
This series represents the real (inflation-adjusted) value added by the wood product manufacturing industry in Mississippi. It is part of the Regional Gross Domestic Product by Industry data produced by the U.S. Bureau of Economic Analysis to track economic activity at the state and local level.
Methodology
The data is calculated based on industry-level GDP estimates for Mississippi using national-level price indexes.
Historical Context
This metric provides insight into the health and competitiveness of Mississippi's wood products manufacturing sector, which is relevant for policymakers and industry analysts.
Key Facts
- Wood product manufacturing accounts for about 2% of Mississippi's GDP.
- The industry employs over 12,000 workers in the state.
- Real GDP in this sector has grown by 15% in the last decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) for the wood product manufacturing industry in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and economic contribution of Mississippi's wood products manufacturing sector, which is an important part of the state's industrial base.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates and national price indexes.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts can use this metric to monitor the competitiveness and health of Mississippi's wood products manufacturing sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of about 1 year, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Mississippi (MSWPMANRGSP), retrieved from FRED.