Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Ohio
OHMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,092.00
Year-over-Year Change
0.09%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Ohio trend measures the economic output of this industry sector within the state. It is an important indicator for understanding Ohio's energy and resource-based economic activity.
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 gross domestic product (GDP) for the mining, quarrying, and oil and gas extraction industry in Ohio. It is a key metric for analyzing the productivity and contribution of this sector to the state's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and industry analysts use this trend to gauge the health and outlook of Ohio's energy and natural resource extraction activities.
Key Facts
- Ohio is a major producer of natural gas and crude oil.
- Mining and extraction account for over 2% of Ohio's GDP.
- This sector has seen volatility due to commodity price swings.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the mining, quarrying, and oil and gas extraction industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: It provides insight into the productivity and economic contribution of Ohio's energy and natural resource extraction activities, which is crucial for understanding the state's overall economic performance.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this trend to gauge the health and outlook of Ohio's energy and natural resource extraction sector, which informs decision-making and policy related to the state's economic development.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Bureau of Economic Analysis, which publishes this series on a quarterly basis.
Related Trends
All Employees: Local Government in Ohio
SMU39000009093000001A
Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Ohio
OHPROBUSQGSP
Number of Identified Exporters to Switzerland from Ohio
OHCHEA475SCEN
Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in Ohio
OHSECCOMINVNGSP
State Government Tax Collections, Motor Vehicle Licenses in Ohio
OHMOTOLICTAX
All Employees: Education and Health Services: Hospitals in Ohio
SMU39000006562200001SA
Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Ohio (OHMINNQGSP), retrieved from FRED.