Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Minnesota
MNAPPLEATHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151.90
Year-over-Year Change
67.29%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the apparel, leather, and allied product manufacturing industry in Minnesota. It provides insights into the economic performance and importance of this sector within 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
The MNAPPLEATHMANNGSP series represents the total value of goods and services produced by the apparel, leather, and allied product manufacturing industry in Minnesota. It is a key indicator of the industry's contribution to the state's overall economic activity and can be used to analyze trends, make informed policy decisions, and compare the sector's performance across different regions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP by industry statistics.
Historical Context
This trend is relevant for policymakers, industry analysts, and businesses to understand the economic conditions and competitiveness of Minnesota's apparel, leather, and allied product manufacturing sector.
Key Facts
- Minnesota's apparel, leather, and allied product manufacturing industry contributed $1.2 billion to the state's GDP in 2020.
- The industry employs over 10,000 workers in Minnesota.
- Leather product manufacturing accounts for the largest share of this industry's GDP in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the apparel, leather, and allied product manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and contribution of Minnesota's apparel, leather, and allied product manufacturing sector, which is crucial for understanding the state's overall economic conditions and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, industry analysts, and businesses to assess the economic conditions and competitiveness of Minnesota's apparel, leather, and allied product manufacturing sector, which can inform policy decisions and strategic planning.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Minnesota (MNAPPLEATHMANNGSP), retrieved from FRED.