Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Arkansas
ARPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20,194.70
Year-over-Year Change
88.64%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Arkansas' measures the inflation-adjusted economic output of the professional and business services sector in Arkansas. This metric is a key indicator of the state's economic activity and productivity.
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 series represents the real GDP contribution of industries like professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services in Arkansas. It provides insight into the health and growth of the state's knowledge-based economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
Policymakers and business leaders monitor this metric to assess the competitiveness and dynamism of Arkansas's professional services industries.
Key Facts
- Arkansas's professional and business services GDP grew 3.2% in 2021.
- This sector accounts for 12.4% of Arkansas's total economic output.
- The professional services industry employs over 180,000 workers in Arkansas.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) of the professional and business services sector in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the health and growth of Arkansas's knowledge-based economy, which is a key driver of overall state economic activity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders monitor this metric to assess the competitiveness and dynamism of Arkansas's professional services industries and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most current economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Arkansas (ARPROBUSRGSP), retrieved from FRED.