Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Virginia
VAPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103,868.50
Year-over-Year Change
22.08%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the Gross Domestic Product (GDP) for the professional, scientific, and technical services sector in Virginia. It provides insight into the productivity and economic output of this important industry within the state.
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 professional, scientific, and technical services industry includes a diverse range of activities such as legal services, accounting, engineering, computer systems design, and scientific research. This GDP data helps policymakers and analysts understand the role of this sector in Virginia's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This GDP trend is used to inform policy decisions and business strategies related to the professional services industry in Virginia.
Key Facts
- Virginia's professional services sector accounts for over $100 billion in annual GDP.
- This industry has grown faster than the overall state economy in recent years.
- The professional services industry is a major employer in Virginia, accounting for over 400,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the professional, scientific, and technical services industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the productivity and economic output of an important industry within Virginia, helping policymakers and businesses understand its role in the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This GDP trend is used to inform policy decisions and business strategies related to the professional services industry in Virginia.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and limitations of the U.S. Bureau of Economic Analysis' GDP reporting.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Virginia (VAPROBUSNQGSP), retrieved from FRED.