Gross Domestic Product: Professional, Scientific, and Technical Services (54) in West Virginia
WVPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,534.80
Year-over-Year Change
64.51%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the professional, scientific, and technical services sector in West Virginia. It provides insights into the state's knowledge-based economy and productivity.
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 WVPROSCITCHNGSP series tracks the value-added output of industries such as legal services, accounting, architecture, engineering, and scientific research in West Virginia. This data helps analyze the performance and competitiveness of the state's professional services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this trend to assess the health and growth potential of West Virginia's knowledge-based industries.
Key Facts
- West Virginia's professional services GDP was $6.3 billion in 2021.
- This sector accounts for 7.5% of the state's total economic output.
- GDP in West Virginia's professional services has grown by 20% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the professional, scientific, and technical services sector in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and competitiveness of West Virginia's knowledge-based industries, which are crucial for the state's economic growth and development.
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 accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and growth potential of West Virginia's professional services sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: This data is updated quarterly by the U.S. Bureau of Economic Analysis, and there may be a 2-3 month delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in West Virginia (WVPROSCITCHNGSP), retrieved from FRED.