Real Gross Domestic Product: Administrative and Support Services (561) in Alabama
ALADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,575.10
Year-over-Year Change
40.88%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Administrative and Support Services (561) in Alabama measures the economic output of this sector in the state. It is a key indicator of business activity and productivity in a critical service industry.
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 economic trend tracks the real, inflation-adjusted GDP contributed by the administrative and support services industry in Alabama. It provides insight into the health and growth of this service sector, which includes a range of back-office functions for businesses.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Policymakers and analysts use this metric to assess the performance and competitiveness of Alabama's business services ecosystem.
Key Facts
- Alabama's administrative services GDP was $10.8 billion in 2021.
- This sector accounts for 3.8% of the state's total economic output.
- Real GDP in this industry grew by 2.5% in Alabama last year.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real, inflation-adjusted gross domestic product (GDP) generated by the administrative and support services industry in Alabama.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and competitiveness of a critical service sector that supports businesses across Alabama's economy.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this metric using established GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the health and growth of Alabama's business services ecosystem, which is important for supporting overall economic activity.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with some lag from the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Alabama (ALADMINSUPRGSP), retrieved from FRED.