Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) (212) in Virginia
VAMINEXOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.74
Year-over-Year Change
-22.17%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) in Virginia measures the inflation-adjusted output of the mining industry (excluding oil and gas) in the state. It is an important indicator of economic activity and productivity in the regional mining sector.
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 index tracks changes in the real, or inflation-adjusted, production volume of mining industries in Virginia, excluding oil and gas extraction. It serves as a gauge of the sector's contribution to the state's overall economic output and can inform policy decisions related to natural resource management and industrial development.
Methodology
The data is calculated based on Bureau of Economic Analysis (BEA) estimates of real GDP by industry.
Historical Context
Policymakers and industry analysts use this metric to assess the health and competitiveness of Virginia's mining sector relative to broader economic trends.
Key Facts
- Mining (except oil and gas) accounts for around 1% of Virginia's GDP.
- This index has remained relatively stable over the past decade.
- Virginia is a leading producer of crushed stone, cement, and coal in the U.S.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) in Virginia measures the inflation-adjusted output of the mining industry (excluding oil and gas) in the state.
Q: Why is this trend relevant for users or analysts?
A: This index serves as an important gauge of economic activity and productivity in Virginia's mining sector, which can inform policy decisions related to natural resource management and industrial development.
Q: How is this data collected or calculated?
A: The data is calculated based on Bureau of Economic Analysis (BEA) estimates of real GDP by industry.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the health and competitiveness of Virginia's mining sector relative to broader economic trends.
Q: Are there update delays or limitations?
A: The data is published regularly by the Federal Reserve, but may have a slight delay compared to some other economic indicators.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) (212) in Virginia (VAMINEXOILGASQGSP), retrieved from FRED.