Real Gross Domestic Product: Private Goods-Producing Industries in Ohio
OHPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
144,858.50
Year-over-Year Change
22.56%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Goods-Producing Industries in Ohio measures the economic output of the private goods-producing sector in the state of Ohio. This metric is a key indicator of Ohio's economic health and 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 economic series tracks the real (inflation-adjusted) value added by Ohio's private goods-producing industries, which include manufacturing, mining, and construction. It is used by economists and policymakers to assess the state's industrial production and economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production data and price indices.
Historical Context
This indicator provides insight into the strength of Ohio's private industrial base, which is important for understanding the state's overall economic conditions and competitiveness.
Key Facts
- Ohio is a major manufacturing hub in the U.S.
- The goods-producing sector accounts for over 20% of Ohio's GDP.
- This metric has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) value added by Ohio's private goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insight into the strength and performance of Ohio's private industrial base, which is a key driver of the state's overall economic growth and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production data and price indices.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to assess the health and growth of Ohio's private goods-producing sector, which informs decisions around economic development, industrial policy, and competitiveness strategies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month release lag.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in Ohio (OHPRIGOODPRORGSP), retrieved from FRED.