Real Gross Domestic Product: Military in Virginia
VAGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,328.00
Year-over-Year Change
-13.48%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Military in Virginia measures the inflation-adjusted economic output of the military sector in the state of Virginia. This metric is important for policymakers and analysts to understand the economic role of the military and its contribution to 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
This series represents the real (inflation-adjusted) gross domestic product (GDP) originating from the military industry in the state of Virginia. It provides insight into the size and trends of the military's economic footprint within the Virginia economy, which is home to major military installations and defense contractors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This metric can inform policy decisions related to military spending, base realignments, and the overall economic development strategy for Virginia.
Key Facts
- Virginia is home to the world's largest naval base in Norfolk.
- The military accounts for over 13% of Virginia's total GDP.
- Defense contracting is a major industry in Northern Virginia.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product originating from the military industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic importance of the military sector within Virginia's economy, which can inform policy decisions and strategic planning.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This metric can inform policy decisions related to military spending, base realignments, and the overall economic development strategy for Virginia.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedules and potential revisions as other GDP-related statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Virginia (VAGOVFEDMILRGSP), retrieved from FRED.