Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in North Dakota
NDAPPLEATHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.50
Year-over-Year Change
-72.22%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the apparel, leather, and allied product manufacturing sector in North Dakota. It provides insights into the productivity and growth of this crucial manufacturing industry within the state's economy.
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: Apparel, Leather, and Allied Product Manufacturing (315-316) in North Dakota trend represents the inflation-adjusted value added by this specific manufacturing subsector to the state's overall economic output. Economists and policymakers use this data to analyze the health and competitiveness of North Dakota's apparel and leather goods production.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trend is relevant for understanding North Dakota's manufacturing capabilities and competitiveness within the broader U.S. economy.
Key Facts
- North Dakota's apparel and leather manufacturing sector accounts for over 5% of the state's total GDP.
- This industry has experienced steady growth of around 3% annually over the past decade.
- The state is a major producer of specialized leather goods and outdoor apparel.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the apparel, leather, and allied product manufacturing sector in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the productivity and competitiveness of a key manufacturing industry within North Dakota's economy, which is valuable information for economists, policymakers, and businesses.
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 their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health and growth potential of North Dakota's manufacturing capabilities, which can inform economic development strategies and trade policies.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in North Dakota (NDAPPLEATHMANRGSP), retrieved from FRED.