Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Ohio
OHFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
827.70
Year-over-Year Change
-13.57%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Ohio' measures the inflation-adjusted economic output of the furniture manufacturing industry in Ohio. This trend is important for understanding regional economic conditions and productivity in this key manufacturing sector.
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 tracks the real (inflation-adjusted) gross domestic product for the furniture and related products manufacturing industry, North American Industry Classification System (NAICS) code 337, within the state of Ohio. It provides a measure of the industry's economic output and productivity over time.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and economic indicators.
Historical Context
Policymakers and industry analysts use this data to monitor the health and competitiveness of Ohio's furniture manufacturing sector.
Key Facts
- Ohio is a major hub for furniture production in the U.S.
- Furniture manufacturing accounts for over 10,000 jobs in Ohio.
- The industry has seen steady growth in real GDP over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the furniture and related products manufacturing industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the economic performance and productivity of a key manufacturing sector in Ohio, which has implications for regional economic conditions, employment, and industry competitiveness.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this data to monitor the health and competitiveness of Ohio's furniture manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Ohio (OHFURNMANRGSP), retrieved from FRED.