Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in West Virginia
WVADMINWASTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,869.90
Year-over-Year Change
80.13%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) of the Administrative and Support and Waste Management and Remediation Services (NAICS sector 56) industry in West Virginia. It provides insight into the economic output and productivity of this key service sector in the state.
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 Administrative and Support and Waste Management and Remediation Services (NAICS 56) industry encompasses a range of business support services, including facilities management, administrative assistance, waste collection, and environmental remediation. This GDP series tracks the overall economic contribution of this industry in West Virginia.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP statistics.
Historical Context
This industry-level GDP data can help policymakers and analysts assess the health and competitiveness of West Virginia's service-based economy.
Key Facts
- This industry accounted for 3.7% of West Virginia's GDP in 2021.
- GDP in this sector grew by 1.2% in West Virginia from 2020 to 2021.
- The Administrative and Support and Waste Management industry is the 5th largest contributor to West Virginia's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Administrative and Support and Waste Management and Remediation Services (NAICS 56) industry in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP data provides insights into the economic output and productivity of a key service sector in West Virginia, which can inform policymaking and business strategy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this GDP data to assess the health and competitiveness of West Virginia's service-based economy, which can inform economic development strategies.
Q: Are there update delays or limitations?
A: The GDP data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in West Virginia (WVADMINWASTNGSP), retrieved from FRED.