Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Rhode Island
RITEXTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.10
Year-over-Year Change
-21.14%
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 state of Rhode Island. It provides insights into the performance and contribution of this industry sector to the state's overall economic activity.
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 RITEXTNGSP series represents the GDP generated by textile mills and textile product mills, which are classified under NAICS codes 313 and 314, within the state of Rhode Island. This data point is useful for analyzing the relative importance and trends within Rhode Island's manufacturing and industrial landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Policymakers and industry analysts use this metric to understand the economic dynamics and competitiveness of Rhode Island's textile manufacturing sector.
Key Facts
- Rhode Island's textile industry contributes significantly to the state's GDP.
- The textile sector has experienced fluctuations in recent years due to global market shifts.
- Monitoring this trend can help policymakers develop strategies to support the textile industry in Rhode Island.
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 in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of Rhode Island's textile manufacturing sector, which is an important part of 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 and industry analysts use this metric to understand the economic dynamics and competitiveness of Rhode Island's textile manufacturing sector, which can inform policy decisions and strategies.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential limitations as the broader regional GDP estimates published by the U.S. Bureau of Economic Analysis.
Related Trends
Imports of Goods: Manufactured Commodities for Rhode Island
IMPMANRI
Number of Identified Exporters to Chile from Rhode Island
RICHLA475SCEN
Chain-Type Quantity Index for Real GDP: Water Transportation (483) in Rhode Island
RIWATTRANQGSP
Residential Carbon Dioxide Emissions, Natural Gas (Pipeline) for Rhode Island
EMISSCO2VNGRCBRIA
Number of Identified Exporters to Iceland from Rhode Island
RIISLA475SCEN
Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Rhode Island
RIPROBUSRGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Rhode Island (RITEXTNGSP), retrieved from FRED.