Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin
WIMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
71.10
Year-over-Year Change
8.45%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin measures the inflation-adjusted output of this sector in the state. It is an important indicator of economic activity and productivity in Wisconsin's natural resource extraction industries.
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 index tracks the real, volume-based production of the mining, quarrying, and oil and gas extraction sector in Wisconsin over time. It is used by economists and policymakers to understand trends in the state's natural resource-based industries and their contribution to overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for price changes.
Historical Context
This metric provides insight into the health and competitiveness of Wisconsin's extractive industries, which are closely tied to energy, construction, and other key economic sectors.
Key Facts
- Wisconsin's mining and extraction sector accounts for over 3% of the state's total GDP.
- The index has shown a steady decline since the mid-2000s, reflecting broader trends in the U.S. fossil fuel industry.
- Extractive industries employ around 12,000 workers in Wisconsin, or about 0.4% of the state's total workforce.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin measures the inflation-adjusted output and production volume of this sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the health and competitiveness of Wisconsin's natural resource extraction industries, which are crucial to the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to understand trends in Wisconsin's extractive industries and their broader impacts on the state's economy, energy supply, and workforce.
Q: Are there update delays or limitations?
A: The index data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin (WIMINQGSP), retrieved from FRED.