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Correlations > Industry Statistics > Furniture & related 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 > Furniture & related product manufacturing > Value added ...

Variable Strength
...and  Industry > Furniture & related product manufacturing > Total value of shipments 98% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Furniture and related product manufacturing 95% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Furniture and related product manufacturing 95% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Furniture and related product manufacturing 93% [plot | correlate | graph]
...and  Industry > Furniture & related product manufacturing > Total cost of materials 93% [plot | correlate | graph]
...and  Labor > Furniture & related product manufacturing > Number of employees 87% [plot | correlate | graph]
...and  Labor > Furniture & related product manufacturing > Production workers (average per year) 83% [plot | correlate | graph]
...and  Industry > Furniture & related product manufacturing > Annual payroll 82% [plot | correlate | graph]
...and  Industry > Furniture & related product manufacturing > Total capital expenditures 82% [plot | correlate | graph]
...and  Economy > GSP > Gross Operating Surplus > Furniture and related product manufacturing 78% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Production workers wages 73% [plot | correlate | graph]
...and  Labor > Total Manufacturing > Production workers hours 72% [plot | correlate | graph]
...and  Labor > Total Manufacturing > Production workers (average per year) 68% [plot | correlate | graph]
...and  Industry > Furniture & related product manufacturing > Production workers wages 67% [plot | correlate | graph]
...and  Labor > Plastics & rubber products manufacturing > Production workers (average per year) 67% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Value added 67% [plot | correlate | graph]
...and  Economy > GSP > Gross Operating Surplus > Nonmetallic mineral product manufacturing 64% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Annual payroll 63% [plot | correlate | graph]
...and  Labor > Plastics & rubber products manufacturing > Number of employees 62% [plot | correlate | graph]
...and  Labor > Total Manufacturing > Number of employees 62% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Value added 61% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Total value of shipments 61% [plot | correlate | graph]
...and  Labor > Furniture & related product manufacturing > Production workers hours 61% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Total value of shipments 60% [plot | correlate | graph]
...and  Industry > Total Manufacturing > Annual payroll 60% [plot | correlate | graph]
...and  Labor > Fabricated metal product manufacturing > Number of employees 58% [plot | correlate | graph]
...and  Labor > Plastics & rubber products manufacturing > Production workers hours 58% [plot | correlate | graph]
...and  Labor > Transportation equipment manufacturing > Number of employees 58% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Total capital expenditures 57% [plot | correlate | graph]
...and  Industry > Plastics & rubber products manufacturing > Total cost of materials 57% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Plastics and rubber products manufacturing 57% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Machinery manufacturing 57% [plot | correlate | graph]
...and  Industry > Nonmetallic mineral product manufacturing > Value added 57% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Food product manufacturing 57% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Food product manufacturing 57% [plot | correlate | graph]
...and  Education > Postsecondary > Total Fall Enrollment > White 56% [plot | correlate | graph]
...and  Industry > Nonmetallic mineral product manufacturing > Annual payroll 56% [plot | correlate | graph]
...and  Economy > GSP > Compensation of Employees > Nonmetallic mineral product manufacturing 56% [plot | correlate | graph]
...and  Industry > Machinery manufacturing > Annual payroll 56% [plot | correlate | graph]
...and  Education > Elementary & Secondary > Total Students- White, non-Hispanic 56% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Nonmetallic mineral product manufacturing 55% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Nonmetallic mineral product manufacturing 55% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Value added 55% [plot | correlate | graph]
...and  Industry > Fabricated metal product manufacturing > Annual payroll 55% [plot | correlate | graph]
...and  Industry > Nonmetallic mineral product manufacturing > Total cost of materials 55% [plot | correlate | graph]
...and  Industry > Nonmetallic mineral product manufacturing > Total value of shipments 55% [plot | correlate | graph]
...and  Education > Public Libraries > Users of Electronic Resources 55% [plot | correlate | graph]
...and  Economy > GSP > Nominal GSP > Truck transportation 54% [plot | correlate | graph]
...and  Economy > GSP > Real GSP > Truck transportation 54% [plot | correlate | graph]
...and  Health > Total SSDI Beneficiaries 54% [plot | correlate | graph]
Average: 65%

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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