Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Arizona
AZPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,282.90
Year-over-Year Change
102.88%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Arizona. It provides insights into the economic performance and growth of this key 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 professional, scientific, and technical services industry encompasses a wide range of knowledge-based activities, including legal services, accounting, engineering, computer systems design, and research and development. This series offers valuable data for analyzing the state's economic composition and competitiveness in these high-skill, high-wage industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Historical Context
Policymakers and businesses use this trend to inform economic development strategies and investment decisions.
Key Facts
- Arizona's professional services sector accounts for over 12% of the state's GDP.
- This industry has grown faster than the overall state economy in recent years.
- The data is released quarterly with a 2-3 month lag.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the economic performance and competitiveness of a key high-skill, high-wage sector in Arizona, which is valuable for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to inform economic development strategies and investment decisions in Arizona.
Q: Are there update delays or limitations?
A: The data is released quarterly with a 2-3 month lag.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Arizona (AZPROSCITCHNGSP), retrieved from FRED.