Business Formations Within Eight Quarters: Total for All NAICS in Virginia
BFBF8QTOTALSAVA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
641.00
Year-over-Year Change
-1.84%
Date Range
7/1/2004 - 12/1/2020
Summary
The 'Business Formations Within Eight Quarters: Total for All NAICS in Virginia' trend measures the total number of new business formations in Virginia within an 8-quarter (2-year) period. This metric is a leading indicator of economic activity and entrepreneurial dynamism in 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
This data series tracks the total number of new business formations across all industries (NAICS codes) in Virginia, providing insight into the state's entrepreneurial ecosystem and ability to foster the creation of new enterprises. Economists and policymakers monitor this trend to gauge the health and growth potential of Virginia's private sector.
Methodology
The data is collected and calculated by the U.S. Census Bureau based on business applications filed with the Internal Revenue Service.
Historical Context
This metric is used by analysts and policymakers to assess the broader business climate and economic outlook for Virginia.
Key Facts
- Virginia ranked 10th nationally for new business formations in 2021.
- The state saw a 25% increase in new business applications in 2020 compared to 2019.
- Technology, professional services, and construction were among the fastest-growing sectors for new formations.
FAQs
Q: What does this economic trend measure?
A: The 'Business Formations Within Eight Quarters: Total for All NAICS in Virginia' trend measures the total number of new business formations across all industries in the state of Virginia over an 8-quarter (2-year) period.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the entrepreneurial dynamism and private sector growth potential in Virginia, making it a key indicator monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau based on business applications filed with the Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess the broader business climate and economic outlook for Virginia, informing decisions related to economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so there may be a delay in accessing the most recent figures.
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Citation
U.S. Federal Reserve, Business Formations Within Eight Quarters: Total for All NAICS in Virginia (BFBF8QTOTALSAVA), retrieved from FRED.