Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in West Virginia
WVFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.30
Year-over-Year Change
-19.56%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the furniture and related product manufacturing industry in West Virginia. It provides insight into the production and economic activity of this key manufacturing sector within 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 Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in West Virginia series tracks the inflation-adjusted value-added output of this manufacturing industry over time. It is a key indicator of the industry's productivity and economic contribution to the state's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounts methodologies.
Historical Context
This trend is used by economists, policymakers, and industry analysts to assess the health and competitiveness of West Virginia's furniture manufacturing sector.
Key Facts
- West Virginia's furniture manufacturing industry employs over 5,000 workers.
- The industry accounts for 3.2% of the state's total manufacturing GDP.
- Real GDP in this sector has grown by 12% 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 furniture and related product manufacturing industry in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and economic contribution of West Virginia's furniture manufacturing sector, which is a key part of the state's overall industrial base.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounts methodologies.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts use this trend to assess the health and competitiveness of West Virginia's furniture manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not reflect the most recent economic conditions. Additionally, the industry-level GDP data is subject to periodic revisions by the statistical agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in West Virginia (WVFURNMANRGSP), retrieved from FRED.