COUNTIF or VLOOKUP capabilities?

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Hello friends!

I have a column of data in a grid, formatted as a dropdown with specific text to select. I want to create a formula wherein each instance of a particular dropdown selection is counted-see generic example below. I've tried a couple of permutations of "COUNTIF" and VLOOKUP" to no avail. Is this something I should do in a report instead of the grid? Do I need a separate column in my grid for each status instead of a single drop-down?

Any advice would be appreciated.

Example:

I want to know the number of instances of each status: Full (5), Partial (4) and Canceled (1).

The grid contains hundreds, if not thousands of records. I'd like the totals for each status to update "automagically" when a new row is added or a status changes in an existing row (moving from "partial" to "full" for example).

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