Real Gross Domestic Product: Chemical Manufacturing (325) in Virginia
VACHEMMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,815.10
Year-over-Year Change
-44.36%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the chemical manufacturing industry in Virginia. It is an important indicator of economic activity and productivity in a key sector of the state's economy.
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: Chemical Manufacturing (325) in Virginia series tracks the inflation-adjusted value added by the chemical manufacturing industry to the state's overall economic output. It provides insights into the performance and competitiveness of this critical industry within Virginia.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is closely monitored by policymakers, industry analysts, and investors to assess the health and competitiveness of Virginia's chemical manufacturing sector.
Key Facts
- Chemical manufacturing is a major industry in Virginia, accounting for over 10% of the state's total GDP.
- The chemical industry in Virginia employs more than 20,000 workers and is a significant contributor to the state's exports.
- Virginia's chemical manufacturing sector has seen steady growth in real GDP over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by the chemical manufacturing industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a crucial industry within Virginia's economy, which is closely watched by policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is 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 trend is used by policymakers, industry groups, and analysts to assess the health and growth of Virginia's chemical manufacturing sector, which informs economic development strategies and industry support programs.
Q: Are there update delays or limitations?
A: The data is subject to the typical publication schedule and revision cycles of the U.S. Bureau of Economic Analysis, with new estimates released on a quarterly basis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Chemical Manufacturing (325) in Virginia (VACHEMMANRGSP), retrieved from FRED.