Gross Domestic Product: Real Estate (531) in West Virginia
WVREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,945.30
Year-over-Year Change
46.52%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Real Estate (531) in West Virginia' series measures the real estate component of West Virginia's gross domestic product. This metric provides insight into the state's economic performance and growth within the real estate sector.
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 series represents the inflation-adjusted value added by real estate activities to West Virginia's overall GDP. It is a key indicator of the real estate industry's contribution to the state's economic output and can help analysts assess real estate market trends and their impact on the broader 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
Policymakers and economists utilize this data to understand the role of real estate in West Virginia's economic landscape and to inform policy decisions related to the housing market and related industries.
Key Facts
- West Virginia's real estate GDP accounted for 10.4% of the state's total GDP in 2021.
- Real estate GDP in West Virginia grew by 2.7% in 2021 compared to the previous year.
- The real estate sector is the third-largest contributor to West Virginia's overall economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted value added by the real estate industry to West Virginia's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and contribution of the real estate sector to West Virginia's overall economic growth, which is crucial for policymakers and market analysts.
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: Policymakers and economists utilize this data to understand the role of real estate in West Virginia's economic landscape and to inform policy decisions related to the housing market and related industries.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a short delay due to the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Real Estate (531) in West Virginia (WVREALNGSP), retrieved from FRED.