Real Gross Domestic Product: Wood Product Manufacturing (321) in Virginia
VAWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,262.60
Year-over-Year Change
2.58%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the wood product manufacturing industry in Virginia. It provides insights into the productivity and output 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: Wood Product Manufacturing (321) in Virginia series tracks the inflation-adjusted total value of goods and services produced by the wood product manufacturing industry in the state. This metric is used by economists and policymakers to analyze the health and competitiveness of this important manufacturing subsector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Trends in this metric are closely monitored by state and federal officials to assess the impact of economic and trade policies on a vital component of Virginia's manufacturing base.
Key Facts
- Virginia is a top producer of wood products in the U.S.
- The wood products industry employs over 20,000 workers in Virginia.
- This metric has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the wood product manufacturing industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and competitiveness of a key manufacturing sector within Virginia's economy, which is crucial information for policymakers and industry analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this metric are closely monitored by state and federal officials to assess the impact of economic and trade policies on Virginia's wood products manufacturing industry.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the U.S. Bureau of Economic Analysis, with potential for minor delays due to data collection and processing.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Virginia (VAWPMANRGSP), retrieved from FRED.