Gross Domestic Product: Construction (23) in Virginia
VACONSTNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,490.50
Year-over-Year Change
31.44%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Construction (23) in Virginia trend measures the economic output of the construction sector in the state. This data is crucial for analyzing the health and growth of Virginia's construction industry and its contribution to the overall state 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: Construction (23) in Virginia metric represents the total value added by the construction industry to the state's gross domestic product. Construction is a key component of economic activity, and this data point provides insight into the performance and role of this sector within Virginia's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
Policymakers and economists use this data to inform decisions and analysis related to Virginia's economic development, infrastructure investment, and construction industry trends.
Key Facts
- Virginia's construction GDP was $25.4 billion in 2021.
- The construction sector accounts for 4.2% of Virginia's total GDP.
- Construction GDP in Virginia has grown by 7.2% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Construction (23) in Virginia trend measures the total economic output or value added by the construction industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the role and performance of the construction sector within Virginia's overall economy, which is crucial for economic analysis, policy decisions, and investment planning.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys, administrative records, and other sources.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to inform decisions and analysis related to Virginia's economic development, infrastructure investment, and construction industry trends.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Virginia (VACONSTNQGSP), retrieved from FRED.