Gross Domestic Product: Administrative and Support Services (561) in Colorado
COADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,345.60
Year-over-Year Change
102.35%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the state of Colorado. It provides insight into the economic output and growth of this key service sector within the state.
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 administrative and support services industry includes a wide range of back-office functions, from office administration to facilities support. Tracking the GDP of this sector helps policymakers and analysts understand the overall health and competitiveness of Colorado's business services economy.
Methodology
This data is collected by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
Monitoring GDP trends in key industries like administrative services is important for understanding the broader economic conditions and policy implications within Colorado.
Key Facts
- Colorado's administrative services GDP was $11.2 billion in 2021.
- This sector accounts for 3.7% of Colorado's total economic output.
- The administrative services GDP in Colorado grew by 4.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of the administrative services sector provides insight into the overall health and competitiveness of Colorado's business services economy, which is important for policymakers and analysts.
Q: How is this data collected or calculated?
A: This data is collected by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Monitoring GDP trends in key industries like administrative services is important for understanding the broader economic conditions and policy implications within Colorado.
Q: Are there update delays or limitations?
A: The data is subject to the standard update schedule and potential revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in Colorado (COADMINSUPNGSP), retrieved from FRED.