Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Virginia
VARENTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,226.40
Year-over-Year Change
105.48%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the rental and leasing services and lessors of nonfinancial intangible assets industry in Virginia. It provides insights into the performance and contribution of this sector to the state's overall economic activity.
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 VARENTNGSP series represents the GDP generated by businesses engaged in renting, leasing, or licensing tangible or intangible assets in Virginia. This data is used by economists and policymakers to analyze the role of the rental and leasing industry in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry estimates.
Historical Context
This trend is relevant for understanding the dynamics of the service sector and the broader economic conditions in Virginia.
Key Facts
- Virginia's rental and leasing services GDP was $12.4 billion in 2020.
- This sector accounts for approximately 2.4% of Virginia's total GDP.
- The rental and leasing industry has seen steady growth in Virginia over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by businesses engaged in renting, leasing, or licensing tangible or intangible assets in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of the rental and leasing services industry to Virginia's overall economic activity, which is useful for economists and policymakers analyzing the state's economic conditions.
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 GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the dynamics of the service sector and the broader economic conditions in Virginia, which can inform economic policies and decisions made by state and local governments.
Q: Are there update delays or limitations?
A: The data is published with a lag, and there may be revisions to previous estimates as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Virginia (VARENTNGSP), retrieved from FRED.