Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Virginia
VAPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
145.02
Year-over-Year Change
60.65%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Virginia measures the real economic output of these key service sectors 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
This index tracks the quantity-based contribution of professional, scientific, technical, management, administrative, and waste services to Virginia's real GDP. It provides a valuable indicator of activity and productivity in the state's knowledge-based economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted index approach.
Historical Context
Policymakers and analysts use this index to monitor the health and competitiveness of Virginia's professional services industries.
Key Facts
- Professional and business services account for over 20% of Virginia's real GDP.
- This index has increased by 30% over the past decade, outpacing overall state GDP growth.
- Productivity in Virginia's professional services sector is 15% higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, quantity-based output of professional, scientific, technical, management, administrative, and waste services in Virginia's economy.
Q: Why is this trend relevant for users or analysts?
A: This index provides a valuable indicator of activity, productivity, and competitiveness in Virginia's knowledge-based service sectors, which are critical drivers of economic growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted index approach.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the health and performance of Virginia's professional services industries, which inform economic development strategies and competitiveness initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, providing timely but not real-time information on this economic sector.
Related Trends
Personal Consumption Expenditures: Goods: Durable Goods for Virginia
VAPCEDURG
Gross Domestic Product: Insurance Carriers and Related Activities (524) in Virginia
VAINSCRANGSP
High-Propensity Business Applications: Total for All NAICS in Virginia
BAHBATOTALSAVA
Gross Domestic Product: Trade (42, 44-45) in Virginia
VATRADENGSP
Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Virginia
VAPROSCITCHRGSP
Chain-Type Quantity Index for Real GDP: Arts, Entertainment, and Recreation (71) in Virginia
VAARTENTRECQQGSP
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Virginia (VAPROBUSQGSP), retrieved from FRED.