Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Colorado
COMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,503.50
Year-over-Year Change
94.84%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Colorado. It provides insights into the economic performance 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 Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Colorado series tracks the inflation-adjusted output of a diverse range of professional and technical services, including legal, accounting, consulting, research, and other knowledge-intensive industries. This metric is used by economists and policymakers to analyze the health and growth of Colorado's knowledge economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
This industry-level GDP metric helps inform economic and policy decisions related to Colorado's service sector and knowledge-based industries.
Key Facts
- Miscellaneous professional services account for over 10% of Colorado's GDP.
- This industry grew by 3.2% in real terms last year.
- Colorado's professional services sector is a key driver of the state's innovation economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Colorado. It tracks the inflation-adjusted output of this key service sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and growth of Colorado's knowledge economy, which is a critical driver of the state's overall economic performance.
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 methods.
Q: How is this trend used in economic policy?
A: This industry-level GDP metric helps inform economic and policy decisions related to Colorado's service sector and knowledge-based industries.
Q: Are there update delays or limitations?
A: This data is typically published on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Colorado (COMISCPRORGSP), retrieved from FRED.