Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Virginia
VAEDHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
124.98
Year-over-Year Change
39.79%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Virginia measures the real output of these key economic sectors in the state. It is an important indicator for understanding Virginia's economic composition and growth trends.
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 or volume of goods and services produced in the educational, healthcare, and social assistance industries in Virginia. It is used to analyze the performance and contribution of these sectors to the state's overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted method to account for changes in prices and quantities over time.
Historical Context
Policymakers and analysts monitor this index to assess the health and competitiveness of Virginia's service-oriented economy.
Key Facts
- Virginia's educational, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic had a significant impact on these service industries in 2020.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) output or quantity of goods and services produced in Virginia's educational, healthcare, and social assistance sectors.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the performance and contribution of key service industries to Virginia's overall economic activity and growth.
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 method to account for changes in prices and quantities over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to assess the health and competitiveness of Virginia's service-oriented economy and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Virginia (VAEDHLTHSOCASSQGSP), retrieved from FRED.