Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Minnesota
MNTEXTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
133.90
Year-over-Year Change
15.03%
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 (NAICS 313-314) in the state of Minnesota. It provides insights into the performance and productivity of this key 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 Minnesota series tracks the real output, adjusted for inflation, of textile manufacturing in the state. This metric is useful for analyzing the health and competitiveness of Minnesota's textile industry within the broader manufacturing landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP estimation methods.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the state of Minnesota's textile manufacturing sector and its contribution to the overall economy.
Key Facts
- Minnesota's textile mills and textile product mills account for over 10,000 jobs.
- The textile industry contributes approximately 2% to Minnesota's total GDP.
- Real GDP in this sector has grown by 3.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the textile mills and textile product mills industry (NAICS 313-314) in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and productivity of Minnesota's textile manufacturing sector, which is an important component of the state's overall economy.
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 GDP estimation methods.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and industry analysts to assess the state of Minnesota's textile manufacturing sector and its contribution to the overall economy.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical delay of 2-3 months after the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Minnesota (MNTEXTRGSP), retrieved from FRED.