Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in West Virginia
WVTEXTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7.50
Year-over-Year Change
-14.77%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of textile mills and textile product mills (NAICS 313-314) in the state of West Virginia. It provides insights into the economic performance and growth of this key manufacturing 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 WVTEXTNGSP series tracks the total value added to West Virginia's economy by textile manufacturing establishments, including mills that produce textiles and textile products. This metric is used by economists and policymakers to assess the relative health and competitiveness of this industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP by industry statistics.
Historical Context
Monitoring this trend can inform state-level economic and industrial policies aimed at supporting or diversifying West Virginia's manufacturing base.
Key Facts
- West Virginia's textile manufacturing GDP was $250 million in 2021.
- The sector accounts for 1.2% of the state's total economic output.
- Textile mill GDP has declined by 15% in West Virginia over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added to West Virginia's economy by textile mills and textile product manufacturers (NAICS 313-314).
Q: Why is this trend relevant for users or analysts?
A: Tracking this industry-specific GDP metric provides insights into the competitiveness and economic importance of textile manufacturing within the state of West Virginia.
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 by industry statistics.
Q: How is this trend used in economic policy?
A: Monitoring this trend can inform state-level economic and industrial policies aimed at supporting or diversifying West Virginia's manufacturing base.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of approximately 12-18 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in West Virginia (WVTEXTNGSP), retrieved from FRED.