Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Virginia
VATEXTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
475.20
Year-over-Year Change
-42.61%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the textile mills and textile product mills industry in the state of Virginia. It provides insights into the performance and growth 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: Textile Mills and Textile Product Mills (313-314) in Virginia series tracks the inflation-adjusted output of this industry over time. It is a key indicator of the industry's productivity and competitiveness, and can be used to analyze its contribution to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This industry-level GDP data is used by policymakers, economists, and market analysts to assess the health and trajectory of Virginia's manufacturing sector.
Key Facts
- Virginia's textile industry accounts for over 10,000 jobs.
- The industry's real GDP has grown by 8% over the past 5 years.
- Textile manufacturing makes up 3% of Virginia's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the textile mills and textile product mills industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP data provides insights into the performance and competitiveness of a key manufacturing sector within Virginia's economy, which is useful for policymakers, economists, and market 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 GDP data for Virginia's textile industry is used by policymakers, economists, and market analysts to assess the health and trajectory of the state's manufacturing sector and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Virginia (VATEXTRGSP), retrieved from FRED.