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Correlations > Industry Statistics > Fabricated metal product manufacturing > Value added

DEFINITION: This measure of manufacturing activity is derived by subtracting the cost of materials, supplies, containers, fuel, purchased electricity, and contract work from the value of shipments (products manufactured plus receipts for services rendered). The result of this calculation is adjusted by the addition of value added by merchandising operations (i.e., the difference between the sales value and the cost of merchandise sold without further manufacture, processing, or assembly) plus the net change in finished goods and work-in-process between the beginning- and end-of-year inventories.
VIEW DATA:   Totals   Per $ GDP  
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Showing latest available data.

Correlations between Industry > Fabricated metal product manufacturing > Value added ...

Variable Strength
...and  Industry > Fabricated metal product manufacturing > Total value of shipments 99% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Annual payroll 99% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Fabricated metal product manufacturing 98% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Fabricated metal product manufacturing 98% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Fabricated metal product manufacturing 98% [plot | correlate | graph]
...and  Labor > Fabricated metal product manufacturing > Number of employees 97% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Total cost of materials 97% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Production workers wages 97% [plot | correlate | graph]
...and  Economy > GSP > Gross Operating Surplus > Fabricated metal product manufacturing 96% [plot | correlate | graph]
...and  Labor > Fabricated metal product manufacturing > Production workers (average per year) 95% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Total capital expenditures 95% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Machinery manufacturing 93% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Production workers wages 93% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Annual payroll 92% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Plastics and rubber products manufacturing 91% [plot | correlate | graph]
...and  Labor > Fabricated metal product manufacturing > Production workers hours 89% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Total value of shipments 89% [plot | correlate | graph]
...and  Industry > Machinery manufacturing > Annual payroll 89% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Annual payroll 88% [plot | correlate | graph]
...and  Labor > Total Manufacturing > Number of employees 88% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Value added 88% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Production workers wages 87% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Value added 87% [plot | correlate | graph]
...and  Labor > Machinery manufacturing > Production workers hours 87% [plot | correlate | graph]
...and  Labor > Plastics & rubber products manufacturing > Production workers (average per year) 87% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Machinery manufacturing 86% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Machinery manufacturing 86% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Total cost of materials 86% [plot | correlate | graph]
...and  Labor > Total Manufacturing > Production workers hours 86% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Plastics and rubber products manufacturing 86% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Plastics and rubber products manufacturing 86% [plot | correlate | graph]
...and  Industry > Machinery manufacturing > Total capital expenditures 85% [plot | correlate | graph]
...and  Industry > Machinery manufacturing > Production workers wages 85% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Total value of shipments 85% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Total capital expenditures 84% [plot | correlate | graph]
...and  Education > Public Libraries > Public Service Hours 83% [plot | correlate | graph]
...and  Industry > Machinery manufacturing > Value added 82% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Total capital expenditures 82% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Electrical equipment and appliance manufacturing 82% [plot | correlate | graph]
...and  Labor > Machinery manufacturing > Production workers (average per year) 81% [plot | correlate | graph]
...and  Labor > Total Manufacturing > Production workers (average per year) 81% [plot | correlate | graph]
...and  Health > Number of Nursing Homes 81% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Nonmetallic mineral product manufacturing 81% [plot | correlate | graph]
...and  Industry > Nonmetallic mineral product manufacturing > Annual payroll 80% [plot | correlate | graph]
...and  Industry > Machinery manufacturing > Total value of shipments 79% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Truck transportation 79% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Truck transportation 79% [plot | correlate | graph]
...and  Industry > Printing & related support activities > Total cost of materials 79% [plot | correlate | graph]
...and  Labor > Printing & related support activities > Production workers hours 79% [plot | correlate | graph]
...and  Labor > Printing & related support activities > Number of employees 79% [plot | correlate | graph]
Average: 88%

About Correlations:

A correlation is a statistical measure of similarity between at least two given sets of data. StateMaster's correlations compare two variables from our database and reveal statistical relationships between them. The percentages you see represent the strength (or likelihood) that a change in the topic variable is matched by a change in the listed variables below it. But remember: These correlations do not imply causation, that is, one does not necessarily cause the other. Also, not all variables contain all states, rather subsets of states matched together.

VIEW FOR THIS VARIABLE:

NOTES:

  • Outliers have been removed only where they are outside 3 standard deviations of the mean.
  • Only variable pairs where at least 15 states match for each have been considered.
  • Strength is given by the correlation coefficient (R squared). It is the fraction of variation in Y that can be attributed to the variation in X. 100% signifies a perfect fit (R squared of 1). The top 50 such stats are displayed

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