Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia
VAARTENTRECRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,814.30
Year-over-Year Change
17.64%
Date Range
1/1/2005 - 1/1/2025
Summary
This trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation sector in the state of Virginia. It provides insights into the economic performance and contribution of this key industry.
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 Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia metric tracks the inflation-adjusted economic output of businesses and organizations in the arts, entertainment, and recreation industry within the state. This data is used by economists and policymakers to analyze the health and growth of Virginia's creative economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator helps inform decisions related to fiscal, regulatory, and economic development policies targeting the arts and entertainment sector in Virginia.
Key Facts
- Virginia's arts and entertainment sector accounts for over 3% of the state's total GDP.
- This industry has experienced steady growth of around 2% annually over the past decade.
- The COVID-19 pandemic caused a sharp decline in 2020 before a rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the arts, entertainment, and recreation industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic performance and contribution of Virginia's creative sector, which is an important driver of economic activity and employment in the state.
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: This economic indicator helps inform decisions related to fiscal, regulatory, and economic development policies targeting the arts and entertainment sector in Virginia.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia (VAARTENTRECRQGSP), retrieved from FRED.