Gross Domestic Product: Real Estate and Rental and Leasing (53) in Virginia
VARERENTLEANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105,626.30
Year-over-Year Change
72.93%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Estate and Rental and Leasing (NAICS code 53) industry's contribution to the Gross Domestic Product (GDP) in Virginia is tracked by this economic trend. It provides insights into a key sector 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
This metric represents the inflation-adjusted value-added by real estate, rental, and leasing activities within Virginia's GDP. It is an important indicator of the health and growth of the state's property and rental markets.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting.
Historical Context
Policymakers and analysts use this trend to evaluate the role of real estate in Virginia's economy and make informed decisions.
Key Facts
- Virginia's real estate and rental sector accounts for over 13% of the state's GDP.
- This trend has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic temporarily impacted this sector but it has since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted contribution of the real estate, rental, and leasing industry to Virginia's overall Gross Domestic Product.
Q: Why is this trend relevant for users or analysts?
A: The real estate sector is a critical component of Virginia's economy, so this metric provides valuable insights into the performance and growth of this key industry.
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 comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate the role of real estate in Virginia's economy and make informed decisions about economic development, housing, and other related policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Real Estate and Rental and Leasing (53) in Virginia (VARERENTLEANGSP), retrieved from FRED.