Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in West Virginia
WVMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,263.60
Year-over-Year Change
58.69%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in West Virginia. It provides insights into the performance and contribution of this sector to the state's overall economic activity.
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 WVMISCPRONGSP series tracks the GDP generated by a range of professional, scientific, and technical service industries in West Virginia, including legal services, accounting, architecture, engineering, and other specialized services. This data is used by economists and policymakers to analyze the growth and competitiveness of this key service sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Trends in this industry's GDP are closely monitored by state and federal policymakers to inform economic development strategies and regulatory policies.
Key Facts
- West Virginia's miscellaneous professional services GDP was $4.9 billion in 2020.
- This industry accounts for 6.7% of West Virginia's total GDP.
- The sector has grown at an average annual rate of 2.5% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the miscellaneous professional, scientific, and technical services industry in West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and competitiveness of a key service sector within West Virginia's economy, which is useful for economic analysis and policymaking.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this industry's GDP are closely monitored by state and federal policymakers to inform economic development strategies and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in West Virginia (WVMISCPRONGSP), retrieved from FRED.