Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Virginia
VADURMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.71
Year-over-Year Change
23.42%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Virginia measures the real output of the durable goods manufacturing sector in the state. This metric is closely watched by economists and policymakers to assess the health and growth of Virginia's manufacturing 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
This index tracks the production volume of durable goods manufacturers in Virginia, including industries like machinery, transportation equipment, and furniture. It provides insights into the broader economic conditions and competitiveness of the state's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
This metric is used by analysts and policymakers to evaluate the performance of Virginia's manufacturing sector and its contribution to the state's overall economic growth.
Key Facts
- Virginia is a major manufacturing hub, contributing over $44 billion to the state's GDP.
- Durable goods account for nearly half of Virginia's total manufacturing output.
- The state's manufacturing sector employs over 230,000 workers.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output, or production volume, of the durable goods manufacturing sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the health and performance of Virginia's manufacturing industry, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to evaluate the competitiveness and growth potential of Virginia's manufacturing sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Virginia (VADURMANQGSP), retrieved from FRED.