Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in West Virginia
WVRENTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
708.90
Year-over-Year Change
19.99%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the rental and leasing services and lessors of nonfinancial intangible assets (NAICS sectors 532-533) in the state of West Virginia. It provides insights into the economic activity and significance of this specific industry within the state's overall economic performance.
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 WVRENTNGSP series represents the value added to West Virginia's GDP by establishments primarily engaged in renting, leasing, or otherwise allowing the use of tangible or intangible assets. This data is used by economists and policymakers to analyze the role of this industry sector in the state's economic growth and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP by state program.
Historical Context
This economic trend is relevant for understanding the market dynamics and policy implications within West Virginia's rental and leasing services industry.
Key Facts
- West Virginia's rental and leasing services industry contributed $1.4 billion to the state's GDP in 2021.
- This industry sector accounts for approximately 2.4% of West Virginia's total economic output.
- The GDP contribution of rental and leasing services in West Virginia has grown by 7.7% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the rental and leasing services and lessors of nonfinancial intangible assets (NAICS sectors 532-533) in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic activity and significance of the rental and leasing services industry within West Virginia's overall economic performance, which is useful for economists, 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 as part of its comprehensive GDP by state program.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the market dynamics and policy implications within West Virginia's rental and leasing services industry, which can inform economic development strategies and regulatory decisions.
Q: Are there update delays or limitations?
A: The GDP by state data, including this rental and leasing services trend, is published with a lag of several quarters, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in West Virginia (WVRENTNGSP), retrieved from FRED.