Gross Domestic Product: Accommodation and Food Services (72) in Virginia
VAACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22,351.30
Year-over-Year Change
28.47%
Date Range
1/1/2005 - 1/1/2025
Summary
This trend measures the gross domestic product (GDP) for the accommodation and food services industry in Virginia. It provides insight into the economic performance and growth of this key 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: Accommodation and Food Services (72) in Virginia metric tracks the total value of goods and services produced by businesses in the accommodation and food services industry within the state. This data is used by economists and policymakers to analyze regional economic activity and trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is relevant for understanding the health and trajectory of Virginia's hospitality and tourism industry, which is an important driver of the state's economy.
Key Facts
- Virginia's accommodation and food services GDP was $16.4 billion in 2021.
- This sector accounts for over 4% of Virginia's total economic output.
- The industry experienced a 25% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) of the accommodation and food services industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insights into the performance and growth of a key sector of Virginia's economy, which is important for understanding regional economic conditions and trends.
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 economists, policymakers, and industry analysts to monitor the health and trajectory of Virginia's hospitality and tourism sector, which is a significant driver of the state's economy.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in Virginia (VAACCOMDNQGSP), retrieved from FRED.