Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Virginia
VANDURMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,502.50
Year-over-Year Change
-10.51%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the nondurable goods manufacturing sector in Virginia. It provides insight into the productivity and performance of a key component of 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 nondurable goods manufacturing sector encompasses industries such as food, beverage, and tobacco products, as well as textile, apparel, and leather goods. This data series is an important indicator of the health and competitiveness of Virginia's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP estimates.
Historical Context
Policymakers and analysts use this trend to gauge the economic conditions and outlook for Virginia's manufacturing industry.
Key Facts
- Virginia's nondurable goods manufacturing sector accounts for over 10% of the state's GDP.
- This industry employs more than 100,000 workers in Virginia.
- The real GDP of this sector has grown by 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the nondurable goods manufacturing sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and performance of a key component of Virginia's economy, helping policymakers and analysts assess the state's manufacturing conditions and outlook.
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 comprehensive GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge the economic conditions and outlook for Virginia's manufacturing industry, which is crucial for informing economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
Related Trends
Value of Exports to Sweden from Virginia
VASWEA052SCEN
Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Virginia
VADATAWWWQGSP
Retail Trade Earnings in Virginia
VAERET
Real Gross Domestic Product: Broadcasting (Except Internet) and Telecommunications (515, 517) in Virginia
VABRDTELERGSP
All Employees: Professional, Scientific, and Technical Services in Virginia
SMU51000006054000001A
Average Weekly Hours of All Employees: Private Service Providing in Virginia
SMU51000000800000002A
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Virginia (VANDURMANRGSP), retrieved from FRED.