Chain-Type Quantity Index for Real GDP: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Virginia
VARENTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
124.21
Year-over-Year Change
73.05%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Virginia measures the real output of this industry sector 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 inflation-adjusted production volume of firms engaged in renting, leasing, or licensing tangible or intangible assets in Virginia. It is a key indicator of economic activity in the state's service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
Policymakers and analysts use this index to assess the health and trends of Virginia's rental and leasing services industry.
Key Facts
- The index uses 2012 as the base year.
- Virginia's rental and leasing sector accounts for over 2% of the state's GDP.
- The index has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of firms in Virginia that are engaged in renting, leasing, or licensing tangible or intangible assets.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the performance and economic contribution of Virginia's rental and leasing services industry, which is an important component of the state's service sector.
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 state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and trends of Virginia's rental and leasing services industry, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The index is updated 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, Chain-Type Quantity Index for Real GDP: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Virginia (VARENTQGSP), retrieved from FRED.