Chain-Type Quantity Index for Real GDP: Accommodation (721) in Virginia
VAACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.69
Year-over-Year Change
20.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Virginia measures the real output of the accommodation industry in Virginia, adjusted for inflation. This trend is a key indicator of economic activity and consumer demand in the state's hospitality 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
The Chain-Type Quantity Index is a measure of real gross domestic product (GDP) that tracks the quantity of output, rather than just the dollar value. This allows for more accurate comparisons over time, as it removes the effects of price changes. The accommodation industry (NAICS 721) includes hotels, motels, and other lodging facilities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is closely watched by policymakers, businesses, and analysts to gauge the health of Virginia's tourism and travel industry.
Key Facts
- Virginia's accommodation industry accounts for over $10 billion in annual GDP.
- The index has shown steady growth in recent years, indicating a robust tourism sector.
- The COVID-19 pandemic caused a sharp decline in the index in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the accommodation industry in the state of Virginia. It tracks the quantity of goods and services produced, rather than just the dollar value.
Q: Why is this trend relevant for users or analysts?
A: The accommodation industry is a key component of Virginia's economy, particularly for its tourism and travel sectors. This index provides valuable insight into the health and performance of this important industry.
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 and methodology.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and analysts closely monitor this trend to gauge the strength of Virginia's tourism industry and make informed decisions about economic development, infrastructure investment, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with a lag of several months. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Virginia (VAACCOMDQGSP), retrieved from FRED.