Gross Domestic Product: Military in Virginia
VAGOVFEDMILNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,597.60
Year-over-Year Change
20.07%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Military in Virginia' series measures the economic output and activity related to the federal military presence in the state of Virginia. This metric is crucial for understanding the influence of the defense industry on Virginia'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
This economic indicator tracks the total value of goods and services produced by military-related activities and organizations within the state of Virginia. It provides insights into the scale and importance of the federal military's economic role in this region.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a range of government and industry sources.
Historical Context
Policymakers and analysts use this metric to assess the economic impact of military installations and spending in Virginia, informing decision-making around regional development and defense policy.
Key Facts
- Virginia has the highest concentration of federal military personnel in the U.S.
- The military accounts for over 13% of Virginia's total economic output.
- Defense spending is a major driver of job creation and income growth in Virginia.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total economic output and activity related to the federal military presence in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the scale and importance of the defense industry's economic role in Virginia, informing policymaking and regional development strategies.
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 range of government and industry sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the economic impact of military installations and spending in Virginia, informing decision-making around regional development and defense policy.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the collecting agency, the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Military in Virginia (VAGOVFEDMILNGSP), retrieved from FRED.