Regional Price Parities: Goods: Metropolitan Portion for Virginia
VAMPRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.64
Year-over-Year Change
-0.60%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities for Goods: Metropolitan Portion for Virginia measure price differences for consumer goods across Virginia's metro areas relative to the national average.
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 provides insight into the cost of living and purchasing power within Virginia's major urban centers. It is used by policymakers, researchers, and businesses to understand regional variations in consumer prices.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through comprehensive surveys of consumer expenditures and prices.
Historical Context
Regional price parities are crucial for accurately adjusting economic measures like personal income and GDP for geographic differences.
Key Facts
- Virginia's metro area goods prices averaged 98.7% of the national level in 2021.
- The Richmond metro area had the highest regional price parity for goods at 99.5% in 2021.
- Roanoke had the lowest regional price parity for goods at 97.5% of the national average in 2021.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods: Metropolitan Portion for Virginia measure price differences for consumer goods across the state's major metro areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides crucial insights into regional cost of living and purchasing power variations, which is essential for accurately adjusting economic measures like personal income and GDP.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through comprehensive surveys of consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: Regional price parities are used by policymakers, researchers, and businesses to understand geographic differences in the cost of living, which informs decisions around economic development, social programs, and business strategies.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, so the most recent year may not reflect the current economic conditions.
Related Trends
Coefficient for Electric Power Carbon Dioxide Emissions, Petroleum Coke for Virginia
EMISSCO2CPCEIBVAA
Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Virginia
SMU51000003100000007A
Chain-Type Quantity Index for Real GDP: Plastics and Rubber Products Manufacturing (326) in Virginia
VAPLASRUBMANQGSP
Value of Exports to Chile from Virginia
VACHLA052SCEN
Real Gross Domestic Product: Accommodation (721) in Virginia
VAACCOMDRGSP
Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Virginia
VAMISCPRONGSP
Citation
U.S. Federal Reserve, Regional Price Parities: Goods: Metropolitan Portion for Virginia (VAMPRPPGOOD), retrieved from FRED.