Real Gross Domestic Product: Manufacturing (31-33) in West Virginia
WVMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,335.30
Year-over-Year Change
3.25%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Manufacturing (31-33) in West Virginia is a key economic indicator that measures the inflation-adjusted value added by the manufacturing sector in the state. It provides insights into the overall health and productivity of West Virginia's manufacturing industry.
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
This data series represents the real GDP, or total economic output, specifically from the manufacturing sector in West Virginia. It is a widely used metric to analyze trends in industrial activity, productivity, and the state's broader economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and analysts closely monitor this indicator to inform decisions around economic development, trade, and industrial policies in West Virginia.
Key Facts
- West Virginia's manufacturing GDP accounts for over 10% of the state's total economic output.
- The manufacturing sector employs nearly 50,000 workers in West Virginia.
- This indicator has shown moderate growth in recent years, reflecting gradual recovery in the state's industrial base.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Manufacturing (31-33) in West Virginia measures the inflation-adjusted total economic output or value added by the state's manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides important insights into the health and productivity of West Virginia's manufacturing industry, which is a crucial component 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 established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to inform decisions around economic development, trade, and industrial policies in West Virginia.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with some lag from the end of the reference period.
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Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in West Virginia
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Manufacturing (31-33) in West Virginia (WVMANRGSP), retrieved from FRED.