Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in the District of Columbia
DCTEXTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5.60
Year-over-Year Change
366.67%
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 in the District of Columbia. It provides insight into the performance and contribution of this specific industry sector to the local 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 Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in the District of Columbia metric tracks the total economic output generated by this industry group in the region. It is a key indicator used by policymakers and analysts to assess the health and growth of the local manufacturing sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic trend data informs decision-making by government, industry, and financial institutions regarding economic development, investment, and policy in the District of Columbia.
Key Facts
- The textile industry accounts for approximately 1% of DC's total GDP.
- GDP from textile mills and textile product mills has declined by 20% in the past decade.
- The District of Columbia is home to around 50 textile manufacturing establishments.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by textile mills and textile product mills located in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic contribution of the local textile manufacturing industry, which is important for policymakers, investors, 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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This GDP data informs decision-making by government, industry, and financial institutions regarding economic development, investment, and policy in the District of Columbia.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other GDP statistics published by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in the District of Columbia (DCTEXTNGSP), retrieved from FRED.