Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Virginia
VAPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
150.31
Year-over-Year Change
13.14%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Virginia measures the real economic output of this industry 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 provides a volume measure of the state's professional, scientific, and technical services industry, which includes businesses like legal services, accounting, engineering, and computer systems design. It's a key indicator of economic activity and productivity in this important service sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Historical Context
This index helps policymakers and analysts understand trends in Virginia's knowledge-based economy.
Key Facts
- Virginia's professional services industry accounts for over 15% of state GDP.
- This index has grown by 25% over the past decade.
- The sector employs over 400,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Virginia's professional, scientific, and technical services industry, which includes businesses like legal services, accounting, engineering, and computer systems design.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of economic activity and productivity in an important knowledge-based sector of Virginia's economy. It helps policymakers and analysts understand trends in this high-value industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Q: How is this trend used in economic policy?
A: This index helps policymakers and analysts track the performance of Virginia's professional services industry, which is a crucial part of the state's knowledge-based economy. It informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of several months. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Virginia (VAPROBUSQQGSP), retrieved from FRED.