Real Gross Domestic Product: Manufacturing (31-33) in South Carolina
SCMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,528.40
Year-over-Year Change
20.77%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Manufacturing (31-33) in South Carolina measures the inflation-adjusted economic output of the manufacturing sector in the state. This statistic is a key indicator of the health and productivity of South Carolina's manufacturing industry.
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 (inflation-adjusted) value added by the manufacturing industry in South Carolina, which encompasses subsectors like durable and non-durable goods production. It is a useful metric for evaluating the performance and competitiveness of the state's manufacturing base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists monitor this indicator to gauge the strength of South Carolina's industrial base and its contribution to the state's overall economic growth.
Key Facts
- South Carolina's manufacturing sector accounts for over 17% of the state's GDP.
- Durable goods production makes up about 60% of the state's manufacturing output.
- The manufacturing industry employs over 250,000 workers in South Carolina.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the real (inflation-adjusted) gross domestic product of the manufacturing industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This statistic provides insight into the productivity and competitiveness of South Carolina's manufacturing base, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this indicator to gauge the strength of South Carolina's industrial sector and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis with a lag of approximately two months.
Related Trends
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Regional Price Parities: Goods for South Carolina
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State Government Tax Collections, Total Taxes in South Carolina
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Manufacturing (31-33) in South Carolina (SCMANRGSP), retrieved from FRED.