Gross Domestic Product: Professional and Business Services (54, 55, 56) in Virginia
VAPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
148,473.20
Year-over-Year Change
71.54%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) for the professional and business services sector in Virginia. It provides valuable insights into the health and growth of this important component of the state'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
The professional and business services sector includes a wide range of industries such as legal services, accounting, architecture, engineering, and administrative support. This data series tracks the total economic output or value-added of these industries within Virginia's GDP.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Policymakers and business leaders use this metric to assess the competitiveness and productivity of Virginia's professional services industry.
Key Facts
- Virginia's professional and business services sector accounts for over 20% of the state's GDP.
- This industry has experienced steady growth over the past decade, outpacing the overall state economy.
- The region's concentration of highly skilled talent and tech infrastructure has attracted many professional services firms.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the professional and business services sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and growth of a key component of Virginia's economy, which is crucial for policymakers and business leaders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this metric to assess the competitiveness and productivity of Virginia's professional services industry, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months, so there may be some delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Virginia (VAPROBUSNGSP), retrieved from FRED.