Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Virginia
VAEDHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47,599.00
Year-over-Year Change
39.79%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the educational services, health care, and social assistance sectors in Virginia. It is an important indicator of the state's economic activity and productivity in these key service industries.
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: Educational Services, Health Care, and Social Assistance (61, 62) in Virginia series tracks the inflation-adjusted output of these critical service-providing industries. It is used by economists and policymakers to analyze the growth, productivity, and competitiveness of Virginia's knowledge-based and human capital-intensive economic sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methodologies.
Historical Context
This economic indicator provides insights into the performance and contribution of Virginia's education, healthcare, and social assistance industries, which are significant drivers of the state's economy.
Key Facts
- Virginia's education, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- Real GDP in these industries grew by 3.2% in Virginia in the latest year.
- The healthcare and social assistance subsector is the largest component, making up two-thirds of this economic aggregate.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the educational services, health care, and social assistance industries in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and growth of key service-providing sectors that are major drivers of Virginia'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 standard national income and product accounting methodologies.
Q: How is this trend used in economic policy?
A: Economists and policymakers analyze this indicator to assess the productivity, competitiveness, and contribution of Virginia's knowledge-based and human capital-intensive industries.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of the reference period and the release of the latest data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Virginia (VAEDHLTHSOCASSRGSP), retrieved from FRED.