Real Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Virginia
VAMVEHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,431.90
Year-over-Year Change
67.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry in Virginia. It provides insights into the performance and productivity of this key manufacturing 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: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Virginia metric tracks the inflation-adjusted output of this industrial subsector. It is a valuable indicator of manufacturing activity, capital investment, and economic growth in this important component of Virginia's industrial base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of Virginia's manufacturing economy.
Key Facts
- Virginia is a major hub for the automotive manufacturing industry.
- This sector accounts for over $5 billion in annual economic output.
- Motor vehicles and parts production is a key driver of manufacturing jobs in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the motor vehicles, bodies and trailers, and parts manufacturing industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and productivity of a critical manufacturing sector within Virginia's economy, which is closely monitored by policymakers, economists, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health and competitiveness of Virginia's manufacturing economy, informing decisions related to economic development, workforce planning, and industrial policy.
Q: Are there update delays or limitations?
A: There may be lags in data availability, as the metric is based on comprehensive economic surveys and national accounting processes.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Virginia (VAMVEHMANRGSP), retrieved from FRED.