Gross Domestic Product: Primary Metal Manufacturing (331) in Virginia
VAPRIMETMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
822.60
Year-over-Year Change
88.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the gross domestic product (GDP) of the primary metal manufacturing industry (NAICS 331) in the state of Virginia. It provides insights into the economic performance and contribution of this key manufacturing sector within 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 Gross Domestic Product: Primary Metal Manufacturing (331) in Virginia series tracks the total economic output of businesses in the primary metal manufacturing industry, which includes establishments that smelt and refine metals, as well as manufacture metal products. This data series is used by economists and policymakers to analyze industrial activity and the broader economic trends within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This GDP metric is relevant for understanding the state of Virginia's manufacturing base and its competitiveness in key industrial sectors.
Key Facts
- Virginia's primary metal manufacturing GDP was $3.2 billion in 2021.
- This industry accounts for 2.4% of Virginia's total GDP.
- Metal manufacturing GDP in Virginia has grown by 7.8% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) of the primary metal manufacturing industry (NAICS 331) within the state of Virginia. It quantifies the total economic output of businesses in this key manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and contribution of Virginia's primary metal manufacturing industry, which is an important component of the state's overall economic activity and manufacturing base.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This GDP metric is relevant for understanding the state of Virginia's manufacturing competitiveness and can inform economic development policies and strategies targeting key industrial sectors.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Primary Metal Manufacturing (331) in Virginia (VAPRIMETMANNGSP), retrieved from FRED.