Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Virginia
VAMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49,107.00
Year-over-Year Change
38.97%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Virginia. It provides insight into the performance and contribution of this key service sector 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 Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services trend tracks the inflation-adjusted output of businesses in industries such as legal services, accounting, architecture, scientific research, and advertising. This data is used by economists and policymakers to analyze the broader economic conditions and productivity within Virginia.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using proprietary models and source data.
Historical Context
This economic indicator is closely monitored by state governments, industry associations, and investors to assess the health and competitiveness of Virginia's professional services sector.
Key Facts
- Virginia's professional services sector accounts for over 12% of the state's GDP.
- This industry has experienced steady growth over the past decade.
- The COVID-19 pandemic had a significant but temporary impact on professional services output in Virginia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and contribution of a key service sector within Virginia's economy, which is important for understanding broader economic conditions and productivity in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using proprietary models and source data.
Q: How is this trend used in economic policy?
A: This economic indicator is closely monitored by state governments, industry associations, and investors to assess the health and competitiveness of Virginia's professional services sector.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions and may have short publication delays, but it provides a reliable and comprehensive view of the professional services industry in Virginia.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Virginia (VAMISCPRORGSP), retrieved from FRED.