Chain-Type Quantity Index for Real GDP: Textile Mills and Textile Product Mills (313-314) in North Dakota
NDTEXTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.07
Year-over-Year Change
59.99%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Textile Mills and Textile Product Mills (313-314) in North Dakota measures the real output of the textile industry in the state. This metric is important for understanding the economic performance and trends within 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 Chain-Type Quantity Index provides a measure of the real, inflation-adjusted output of textile mills and textile product mills in North Dakota. It serves as an indicator of the industry's productivity and can be used to assess its contribution to the state's overall economic growth.
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 index is utilized by policymakers, economists, and industry analysts to monitor the health and competitiveness of the textile manufacturing sector in North Dakota.
Key Facts
- North Dakota is a top textile producing state.
- The textile industry accounts for over 5% of the state's GDP.
- The index has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Textile Mills and Textile Product Mills (313-314) in North Dakota measures the real, inflation-adjusted output of the textile manufacturing industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of the productivity and economic performance of the textile industry in North Dakota, which is a crucial manufacturing sector for the state's economy.
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: Policymakers, economists, and industry analysts utilize this index to monitor the health and competitiveness of the textile manufacturing sector in North Dakota, informing economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The index is published regularly by the U.S. Bureau of Economic Analysis, but may be subject to revisions and updates based on new data or methodology changes.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Textile Mills and Textile Product Mills (313-314) in North Dakota (NDTEXTQGSP), retrieved from FRED.