Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin
WIMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
821.60
Year-over-Year Change
65.65%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in the state of Wisconsin. It is an important indicator of economic activity and investment in the state's natural resource extraction sector.
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: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin series tracks the total economic output of these industries within the state. It is used by economists and policymakers to assess the health and trends of Wisconsin's natural resource extraction sector and its broader economic significance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of industry surveys and administrative records.
Historical Context
This economic indicator provides insight into the role of natural resource industries in Wisconsin's economy and can inform policy decisions around regulation, taxation, and investment in the sector.
Key Facts
- Wisconsin's mining, quarrying, and oil/gas extraction GDP was $2.8 billion in 2021.
- This industry accounts for approximately 1.3% of Wisconsin's total GDP.
- Mining GDP in Wisconsin has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the economic significance of natural resource extraction activities in Wisconsin, which can inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry surveys and administrative records.
Q: How is this trend used in economic policy?
A: This trend can inform policymakers and analysts about the role of natural resource industries in Wisconsin's economy, which can influence decisions around regulation, taxation, and investment in the sector.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin (WIMINNQGSP), retrieved from FRED.