Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Virginia
VAFURNMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
740.20
Year-over-Year Change
32.56%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry in Virginia. It provides insight into the performance and contribution of this key manufacturing sector to the state's overall economic activity.
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 Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Virginia series tracks the total economic output of businesses in this manufacturing subsector within the state. It is an important indicator of the furniture industry's health and competitiveness in the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This GDP trend is used by policymakers, economists, and industry analysts to assess the competitive position and economic impact of Virginia's furniture manufacturing sector.
Key Facts
- Virginia is a major center for furniture manufacturing in the U.S.
- The furniture industry accounts for over 20,000 jobs in the state.
- GDP in this sector has grown by 15% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) generated by the furniture and related product manufacturing industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This GDP trend provides important insights into the performance and competitive position of a key manufacturing sector in the Virginia 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this GDP trend to assess the economic impact and competitiveness of Virginia's furniture manufacturing sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Virginia (VAFURNMANNGSP), retrieved from FRED.