Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin
WIMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
461.00
Year-over-Year Change
8.45%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in Wisconsin. It provides insights into the economic performance and productivity of this vital 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 Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin metric tracks the inflation-adjusted output of this industry in the state. It is a key indicator of the sector's contribution to the overall state economy and can inform policy decisions and investment strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic researchers to assess the health and competitiveness of Wisconsin's natural resource extraction sector.
Key Facts
- Mining, quarrying, and oil/gas extraction account for over 2% of Wisconsin's GDP.
- The sector employs approximately 12,000 workers in the state.
- Wisconsin's mining industry has seen steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product 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 metric provides important insights into the productivity and economic contribution of a critical sector in Wisconsin, informing 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and economic researchers closely monitor this trend to assess the health and competitiveness of Wisconsin's natural resource extraction sector.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the U.S. Bureau of Economic Analysis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Wisconsin (WIMINRGSP), retrieved from FRED.