Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Virginia
VAADMINSUPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.95
Year-over-Year Change
47.83%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Virginia measures the volume of economic output in this industry sector within the state. It is a key indicator of productivity and business 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
This index tracks the real, inflation-adjusted quantity of goods and services produced by administrative and support service providers in Virginia. It is used by economists and policymakers to analyze trends in the state's service-based economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in the composition of the sector over time.
Historical Context
This industry trend provides insight into the health and growth of Virginia's business services market, which has implications for employment, investment, and overall economic performance.
Key Facts
- The index is measured relative to a 2012 base year.
- Administrative and support services account for over 10% of Virginia's total GDP.
- The sector has seen steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, volume-based output of administrative and support service providers in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the productivity and health of an important services sector within the Virginia economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor growth, productivity, and competitiveness in Virginia's business services industry.
Q: Are there update delays or limitations?
A: There may be lags of several months between the reference period and data publication by the statistical agencies.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Virginia (VAADMINSUPQGSP), retrieved from FRED.