Real Gross Domestic Product: Health Care and Social Assistance (62) in Virginia
VAHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
42,302.90
Year-over-Year Change
47.66%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the health care and social assistance sector in Virginia. It provides insights into the economic performance and growth of this critical industry in the state.
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: Health Care and Social Assistance (62) in Virginia series tracks the inflation-adjusted economic output of the health care and social assistance industry in the state. This metric is used by economists and policymakers to analyze the relative strength and productivity of this sector over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Historical Context
This trend is relevant for understanding the role of the health care industry in Virginia's economy and informing policy decisions that impact the sector.
Key Facts
- The health care and social assistance sector accounts for over 12% of Virginia's GDP.
- This industry has experienced steady growth over the past decade.
- Virginia's health care sector is a major employer, providing over 500,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product of the health care and social assistance industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and growth of a critical industry in Virginia, informing policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the role of the health care industry in Virginia's economy and informing policy decisions that impact the sector.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Virginia (VAHLTHSOCASSRGSP), retrieved from FRED.