Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Virginia
VAHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
128.00
Year-over-Year Change
47.66%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Virginia measures the real output of the health care and social assistance sector in the state. This metric is crucial for economists and policymakers to assess the productivity and growth of a key 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 index tracks the volume of goods and services produced by the health care and social assistance sector in Virginia, adjusted for inflation. It provides a reliable measure of the real economic activity in this vital industry, which is a significant contributor to the state's GDP.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index methodology.
Historical Context
This trend is widely used by economists, analysts, and policymakers to evaluate the health and performance of Virginia's health care and social assistance sector.
Key Facts
- The health care and social assistance sector accounts for over 12% of Virginia's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- Virginia's health care and social assistance industry employs over 500,000 people.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the health care and social assistance sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for evaluating the productivity and growth of a key industry in Virginia's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index methodology.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, analysts, and policymakers to assess the health and performance of Virginia's health care and social assistance sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a slight delay, but provides a reliable and comprehensive measure of the health care and social assistance industry in Virginia.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Virginia (VAHLTHSOCASSQGSP), retrieved from FRED.