Gross Domestic Product: Wood Product Manufacturing (321) in Ohio
OHWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,606.20
Year-over-Year Change
99.75%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Wood Product Manufacturing (321) in Ohio measures the total economic output of the wood product manufacturing industry in the state. This data is crucial for understanding regional economic trends and informing policy decisions.
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) of the wood product manufacturing industry (NAICS code 321) in the state of Ohio. It is a key indicator of the performance and contribution of this sector to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Policymakers and industry analysts use this data to assess the health and competitiveness of Ohio's wood products manufacturing sector.
Key Facts
- Ohio is a major producer of wood products, including lumber, plywood, and engineered wood.
- The wood products industry accounts for over 30,000 jobs in Ohio.
- Ohio's wood products GDP has grown by 5% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the wood product manufacturing industry in the state of Ohio. It quantifies the total economic output of this sector.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding the performance and contribution of Ohio's wood products manufacturing industry to the state's overall economy. It informs policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this data to assess the health and competitiveness of Ohio's wood products manufacturing sector, informing decisions on economic development, trade, and workforce policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months. There may also be revisions to previously reported figures as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Ohio (OHWPMANNGSP), retrieved from FRED.