Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Virginia
VAFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,510.00
Year-over-Year Change
-6.15%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the food, beverage, and tobacco product manufacturing industry in Virginia. It provides insight into the productivity and output of this key sector within 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: Food and Beverage and Tobacco Product Manufacturing (311-312) in Virginia metric tracks the inflation-adjusted total value of goods and services produced by this manufacturing subsector in the state. It is a useful indicator of economic growth and performance within this important industrial segment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level production and price information.
Historical Context
This metric can inform economic policy decisions and business strategies related to the food, beverage, and tobacco manufacturing industry in Virginia.
Key Facts
- Virginia's food, beverage, and tobacco manufacturing industry contributed over $10 billion to the state's GDP in 2021.
- This sector accounts for approximately 10% of Virginia's total manufacturing output.
- The industry employs more than 40,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the food, beverage, and tobacco product manufacturing industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and economic performance of a key manufacturing sector in Virginia, which can inform business strategies and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level production and price information.
Q: How is this trend used in economic policy?
A: This metric can inform economic policy decisions and business strategies related to the food, beverage, and tobacco manufacturing industry in Virginia.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other state-level GDP statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Virginia (VAFOODBEVTOBMANRGSP), retrieved from FRED.