Real Gross Domestic Product: Primary Metal Manufacturing (331) in Virginia
VAPRIMETMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
915.00
Year-over-Year Change
189.37%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the primary metal manufacturing industry in Virginia. It is an important indicator of the state's industrial production and economic performance.
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: Primary Metal Manufacturing (331) in Virginia series tracks the inflation-adjusted value-added output of the primary metal manufacturing sector, which includes establishments that smelt and refine metals as well as manufacture metal products. This metric provides insight into the productivity and competitiveness of Virginia's industrial base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type annual-weighted formula.
Historical Context
Analysts and policymakers monitor this trend to assess the health of Virginia's industrial economy and guide economic development strategies.
Key Facts
- Virginia is a top producer of primary metals in the U.S.
- The primary metal industry accounts for over 5% of Virginia's GDP.
- This sector has seen steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) of the primary metal manufacturing industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: The primary metal manufacturing sector is a key component of Virginia's industrial base, so this metric provides insight into the productivity and competitiveness of a critical part of the state'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 annual-weighted formula to track the inflation-adjusted value-added output of the primary metal manufacturing industry in Virginia.
Q: How is this trend used in economic policy?
A: Analysts and policymakers monitor this trend to assess the health of Virginia's industrial economy and guide economic development strategies and investments.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Primary Metal Manufacturing (331) in Virginia (VAPRIMETMANRGSP), retrieved from FRED.