Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Virginia
VAPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98,917.60
Year-over-Year Change
62.07%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Virginia. It provides insights into the economic performance and growth of this key sector.
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 GDP for the professional, scientific, and technical services industry in Virginia is a valuable indicator of the state's economic activity and competitiveness in this crucial service-based sector. It helps policymakers and analysts understand the dynamics and trends within this high-skill, knowledge-intensive industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state and industry estimates.
Historical Context
This metric is used by economists, policymakers, and businesses to assess the health and development of Virginia's professional services industry and its broader economic implications.
Key Facts
- Virginia's professional services industry accounts for over 15% of the state's GDP.
- This sector has experienced steady growth, outpacing the overall state economy.
- The professional services industry is a major employer in Virginia, providing high-skilled jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and growth of a key service-based sector in Virginia, which is crucial for understanding the state's overall economic dynamics and competitiveness.
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 GDP by state and industry estimates.
Q: How is this trend used in economic policy?
A: This metric is used by economists, policymakers, and businesses to assess the health and development of Virginia's professional services industry and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and potential revisions by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Virginia (VAPROSCITCHRGSP), retrieved from FRED.