Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Arizona
AZPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
155.56
Year-over-Year Change
8.93%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Arizona measures the real economic output of this sector in the state, adjusted for inflation.
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 index provides a way to track changes in the volume of goods and services produced by professional, scientific, and technical services businesses in Arizona over time, rather than just changes in dollar values. It is a key indicator for evaluating the health and growth of this important economic sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for changes in relative prices.
Historical Context
Policymakers and economists monitor this index to understand trends in a major driver of Arizona's economy.
Key Facts
- The index uses 2012 as the base year.
- This sector accounts for over 10% of Arizona's total GDP.
- The index has grown by 25% since 2010.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output, adjusted for inflation, of the professional, scientific, and technical services sector in Arizona.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the growth and performance of a key driver of Arizona's economy, which is important for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for changes in relative prices.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this index to understand trends in a major component of Arizona's GDP, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Arizona (AZPROBUSQQGSP), retrieved from FRED.