Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arkansas
ARMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,431.20
Year-over-Year Change
103.93%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Arkansas. It provides insights into the economic activity and productivity of this important 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 Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arkansas trend tracks the economic output of businesses providing a wide range of professional services, such as legal, accounting, architectural, engineering, and consulting services. This data is used by economists and policymakers to assess the strength and growth of this industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the health and competitiveness of Arkansas's professional services industry, which is a key driver of economic growth and innovation.
Key Facts
- This industry accounts for over 6% of Arkansas's total GDP.
- The sector has experienced steady growth of around 3% annually over the past decade.
- Professional services are a major employer in Arkansas, with over 75,000 workers in this industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and economic contribution of a key industry in Arkansas, which is important for understanding the state's overall economic growth and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the strength and growth of Arkansas's professional services industry, which is a driver of economic activity and innovation in the state.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so there may be delays in reflecting the most current economic conditions.
Related Trends
Chain-Type Quantity Index for Real GDP: Arts, Entertainment, and Recreation (71) in Arkansas
ARARTENTRECQGSP
Chain-Type Quantity Index for Real GDP: Warehousing and Storage (493) in Arkansas
ARWARESTORQGSP
Gross Domestic Product: Construction (23) in Arkansas
ARCONSTNGSP
Per Capita Personal Consumption Expenditures: Nondurable Goods for Arkansas
ARPCEPCNDURG
State Government Tax Collections, Hunting and Fishing Licenses in Arkansas
ARHUNTLICTAX
Real Gross Domestic Product: Wholesale Trade (42) in Arkansas
ARWHOLERQGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arkansas (ARMISCPRONGSP), retrieved from FRED.