Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia
VAARTENTRECNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,399.60
Year-over-Year Change
116.04%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) contribution of the arts, entertainment, and recreation sector in the state of Virginia. It provides insights into the economic significance of this industry 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 Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia series tracks the value-added output of businesses and organizations in the arts, entertainment, and recreation industry in the state. This metric is used by economists and policymakers to assess the relative importance and performance of this sector within Virginia's overall economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP by state and industry program.
Historical Context
This economic trend is closely monitored by state and local governments, as well as industry associations, to inform policy decisions and investment strategies related to the arts, entertainment, and recreation sector.
Key Facts
- Virginia's arts, entertainment, and recreation sector accounts for approximately 2.3% of the state's total GDP.
- This industry has experienced steady growth, with a 5-year average annual increase of 3.2% in its GDP contribution.
- The arts, entertainment, and recreation sector employs over 100,000 people in Virginia, making it a significant employer in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the arts, entertainment, and recreation sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic significance and performance of the arts, entertainment, and recreation industry within Virginia's overall economy, which is useful for policymakers, industry stakeholders, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their GDP by state and industry program.
Q: How is this trend used in economic policy?
A: State and local governments, as well as industry associations, closely monitor this trend to inform policy decisions and investment strategies related to the arts, entertainment, and recreation sector in Virginia.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the BEA, and there may be a lag of several months between the end of a reporting period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia (VAARTENTRECNGSP), retrieved from FRED.