Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Virginia
VATRANGRNDTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
921.80
Year-over-Year Change
1.25%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the transit and ground passenger transportation sector in Virginia. It provides insights into the performance and growth of this important industry within 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
The Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Virginia metric tracks the total economic output generated by businesses involved in providing passenger transportation services, such as local and long-distance bus, taxi, and limousine services. It is a key indicator of this sector's contribution to Virginia's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and administrative records.
Historical Context
This trend is closely monitored by policymakers, transportation planners, and industry analysts to assess the health and development of Virginia's passenger transportation infrastructure and services.
Key Facts
- Virginia's transit and ground passenger transportation sector accounts for approximately 1% of the state's total GDP.
- This industry has experienced steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic significantly impacted passenger transportation services, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the transit and ground passenger transportation sector in the state of Virginia. It tracks the total economic output generated by businesses providing passenger transportation services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of Virginia's passenger transportation industry, which is a key component of the state's overall economic activity. It is closely monitored by policymakers, transportation planners, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and administrative records.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, transportation planners, and industry analysts to assess the health and development of Virginia's passenger transportation infrastructure and services, which can inform decisions regarding investment, regulation, and overall economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a slight delay due to the time required for data collection and processing. There may be limitations in terms of the level of detail or granularity available for certain geographic areas or industry segments.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Virginia (VATRANGRNDTRANNGSP), retrieved from FRED.