Gross Domestic Product: Food Services and Drinking Places (722) in Virginia
VAFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,362.80
Year-over-Year Change
113.92%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in Virginia measures the economic output of the food service and drinking establishments sector in the state. This trend is a key indicator for monitoring the health and recovery of the hospitality industry.
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 series represents the real GDP in the food services and drinking places industry, which includes restaurants, bars, and other dining establishments. It provides insight into consumer spending patterns and the broader service economy in Virginia.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP by industry estimates.
Historical Context
Policymakers and businesses use this trend to assess the strength of the state's hospitality sector and its contribution to the overall economy.
Key Facts
- Virginia's food services and drinking places GDP was $12.6 billion in 2021.
- This sector accounts for around 2% of Virginia's total GDP.
- The industry experienced a 19.5% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the food services and drinking places industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the health and recovery of Virginia's hospitality sector, which is an important contributor to 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 as part of their regional GDP by industry estimates.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to assess the strength of the state's hospitality sector and its contribution to the overall economy, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period. Additionally, the regional GDP estimates may be subject to revisions as more complete data becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Virginia (VAFOODDPNGSP), retrieved from FRED.