Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in South Dakota
SDAPPLEATHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.40
Year-over-Year Change
-87.59%
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 industry in South Dakota. It provides insights into the performance and productivity of this important manufacturing sector 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 South Dakota series tracks the inflation-adjusted value added by this industry to the state's overall economic output. It is a key indicator of the industry's contribution to South Dakota's economic growth and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is used by policymakers, economists, and industry analysts to assess the health and competitiveness of South Dakota's manufacturing sector.
Key Facts
- South Dakota's apparel, leather, and allied product manufacturing industry accounts for 2.1% of the state's total GDP.
- This industry's real GDP grew by 3.2% in 2021, outpacing the state's overall economic growth.
- Employment in this sector has remained stable, with over 2,500 workers as of 2022.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the apparel, leather, and allied product manufacturing industry in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and productivity of an important manufacturing sector within South Dakota's economy, which is useful for policymakers, economists, and industry analysts.
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: This trend is used by policymakers, economists, and industry analysts to assess the health and competitiveness of South Dakota's manufacturing sector, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in South Dakota (SDAPPLEATHMANRGSP), retrieved from FRED.