Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Colorado
COPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
161.06
Year-over-Year Change
95.98%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Colorado measures the real output of the professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services industries in 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
This index provides a measure of the real output trends in key service-producing industries that contribute significantly to Colorado's economy. It is a valuable indicator for economists and policymakers to assess the state's overall economic performance and monitor the productivity of high-value service sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using quantity indexes that adjust for price changes.
Historical Context
This trend is closely watched by analysts to gauge the health of Colorado's professional and business services sector and its implications for the broader state economy.
Key Facts
- Colorado's professional and business services sector accounts for over 18% of the state's GDP.
- The index has grown by an average of 3.2% annually over the past 10 years.
- The services industries captured by this trend employ nearly 600,000 people in Colorado.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) output of Colorado's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the productivity and growth of high-value service sectors that are critical to Colorado's economy, making it a key indicator for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using quantity indexes that adjust for price changes.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by analysts and policymakers to assess the health of Colorado's professional and business services sector and its implications for the broader state economy.
Q: Are there update delays or limitations?
A: The index data is typically released with a 2-3 month lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Colorado (COPROBUSQGSP), retrieved from FRED.