Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Maryland
MDTEXTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.70
Year-over-Year Change
-23.86%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the textile mills and textile product mills industry in the state of Maryland. It provides insight into the performance and economic contribution of this important manufacturing 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: Textile Mills and Textile Product Mills (313-314) in Maryland series tracks the inflation-adjusted output of textile-related manufacturing activities within the state. It is a key indicator of the health and productivity of this industry, which has historically been a significant part of Maryland's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is closely watched by policymakers, industry analysts, and economic development officials to gauge the competitiveness and outlook for Maryland's textile manufacturing sector.
Key Facts
- Maryland's textile industry employs over 10,000 workers.
- Textile mills account for 2% of Maryland's total manufacturing GDP.
- This sector has seen a 15% decline in real output since 2010.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real, inflation-adjusted gross domestic product (GDP) of the textile mills and textile product mills industry located in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: The performance of Maryland's textile manufacturing sector is an important indicator of the state's overall economic health and competitiveness in this key industry.
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 groups, and economic development officials closely monitor this metric to assess the competitiveness and outlook for Maryland's textile manufacturing sector.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Maryland (MDTEXTRGSP), retrieved from FRED.