Gross Domestic Product: Wood Product Manufacturing (321) in Pennsylvania
PAWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,494.40
Year-over-Year Change
124.94%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures the gross domestic product (GDP) of the wood product manufacturing industry (NAICS 321) in the state of Pennsylvania. It provides insights into the performance and contribution of this key manufacturing sector to the state's overall 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
The Gross Domestic Product: Wood Product Manufacturing (321) in Pennsylvania series represents the total value of goods and services produced by the wood product manufacturing industry within the state. This metric is used by economists and policymakers to analyze the health and competitiveness of Pennsylvania's manufacturing base and guide economic development strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state and industry accounts.
Historical Context
Trends in this metric are closely monitored by state officials, industry groups, and market analysts to assess Pennsylvania's manufacturing competitiveness and the impact of economic policies.
Key Facts
- Pennsylvania is a major center for wood product manufacturing.
- The wood product industry accounts for over 4% of the state's total GDP.
- This metric has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) of the wood product manufacturing industry (NAICS 321) within the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and competitiveness of a key manufacturing sector in Pennsylvania, which is useful for economic analysis and policy decisions.
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 GDP by state and industry accounts.
Q: How is this trend used in economic policy?
A: Trends in this metric are closely monitored by state officials, industry groups, and market analysts to assess Pennsylvania's manufacturing competitiveness and the impact of economic policies.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months.
Related Trends
90% Confidence Interval Lower Bound of Estimate of Median Household Income for Pennsylvania
MHICILBPA42000A052NCEN
Coefficient for Transportation Carbon Dioxide Emissions, Lubricants for Pennsylvania
EMISSCO2CLUACBPAA
Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Pennsylvania
PAPRFRMSPRTMSMNGSP
Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Pennsylvania
PAPCEPCFDSRVACCMD
All Employees: Retail Trade: Gasoline Stations and Fuel Dealers in Pennsylvania
SMU42000004245700001
Real Gross Domestic Product: Funds, Trusts, and Other Financial Vehicles (525) in Pennsylvania
PAFNDTRSTRGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Pennsylvania (PAWPMANNGSP), retrieved from FRED.