Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Connecticut
CTPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,943.50
Year-over-Year Change
44.94%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Connecticut. It provides insight into the economic performance and productivity of this key sector.
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 Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Connecticut series tracks the inflation-adjusted output of businesses engaged in professional, scientific, and technical activities, such as legal services, accounting, architecture, engineering, and computer systems design. This data is valuable for assessing the health and contribution of this high-skill industry to the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using income and expenditure information.
Historical Context
Policymakers and economists monitor this trend to gauge the competitiveness and productivity of Connecticut's professional services sector.
Key Facts
- Connecticut's professional services industry accounts for over 12% of the state's GDP.
- This sector has seen steady growth, outpacing the overall state economy in recent years.
- Productivity improvements in professional services can boost competitiveness and wages.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and productivity of a key high-skill sector in Connecticut's economy, which is valuable for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using income and expenditure information.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to gauge the competitiveness and productivity of Connecticut's professional services sector, which can inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in observing the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Connecticut (CTPROSCITCHRGSP), retrieved from FRED.