Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arizona
AZMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,806.50
Year-over-Year Change
99.11%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the Gross Domestic Product (GDP) from the Miscellaneous Professional, Scientific, and Technical Services industry in Arizona. It provides important insights into the economic activity and productivity of this key service 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 Miscellaneous Professional, Scientific, and Technical Services industry encompasses a wide range of knowledge-intensive activities, including legal services, accounting, consulting, research and development, and other specialized services. This GDP trend offers a valuable gauge of the overall health and growth of this high-value economic segment in the state of Arizona.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Economists and policymakers monitor this trend to assess the broader performance of Arizona's service-based economy and guide economic development strategies.
Key Facts
- Arizona's Miscellaneous Professional, Scientific, and Technical Services industry accounts for over 7% of the state's total GDP.
- This sector has experienced steady growth, expanding by 3.2% annually on average over the past decade.
- The industry employs over 150,000 workers in Arizona, making it a significant contributor to the state's labor market.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) from the Miscellaneous Professional, Scientific, and Technical Services industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic activity and productivity of a key service sector in Arizona, which is crucial for understanding the overall health and growth of the state's economy.
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: Economists and policymakers monitor this trend to assess the broader performance of Arizona's service-based economy and guide economic development strategies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arizona (AZMISCPRONGSP), retrieved from FRED.