Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama
ALAPPLEATHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
125.30
Year-over-Year Change
-44.53%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the apparel, leather, and allied product manufacturing industry in Alabama. It is an important indicator for understanding the state's economic output and competitiveness in 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 Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama metric tracks the total economic value added by this industry within the state. It is a widely used statistic for analyzing Alabama's manufacturing capabilities and broader economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is relevant for policymakers, industry analysts, and investors seeking to monitor Alabama's manufacturing performance and competitiveness.
Key Facts
- Alabama is a major hub for apparel and textile production.
- This industry accounts for over 5% of the state's total GDP.
- The trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total gross domestic product (GDP) generated by the apparel, leather, and allied product manufacturing industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This data point is important for understanding Alabama's manufacturing capabilities, economic diversification, and overall competitiveness in this key industry sector.
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 metric is used by policymakers, industry analysts, and investors to monitor Alabama's manufacturing performance and inform decisions around economic development, trade, and competitiveness strategies.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of approximately 3 months, which is typical for GDP-related statistics.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama (ALAPPLEATHMANNGSP), retrieved from FRED.