Real Gross Domestic Product: Wood Product Manufacturing (321) in Wisconsin
WIWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,105.60
Year-over-Year Change
-20.68%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Wood Product Manufacturing (321) in Wisconsin' measures the inflation-adjusted economic output of the wood product manufacturing industry in Wisconsin. This trend is important for understanding the health and competitiveness of a key manufacturing sector in the state.
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 tracks the real, price-adjusted GDP of the wood product manufacturing industry in Wisconsin. It provides insight into the production, efficiency, and economic contribution of this vital component of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts use this metric to assess the performance and outlook of Wisconsin's wood product manufacturing sector.
Key Facts
- Wisconsin is a major producer of wood products in the U.S.
- The wood manufacturing industry accounts for over 30,000 jobs in the state.
- Real GDP in this sector has grown by 15% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product of the wood product manufacturing industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: The wood product manufacturing industry is a key part of Wisconsin's economy, so this metric provides important insights into the performance and competitiveness of a vital manufacturing sector.
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 and industry analysts use this metric to assess the health and outlook of Wisconsin's wood product manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be a several month delay in the availability of the latest data, as is common with many economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Wisconsin (WIWPMANRGSP), retrieved from FRED.