Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Connecticut
CTDATAWWWQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
326.68
Year-over-Year Change
110.85%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP measures the volume of output from the Data Processing, Hosting, and Other Information Services industry in Connecticut. This metric is important for analyzing the state's economic growth and competitiveness in the technology 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
This index tracks changes in the real output of the data processing, web hosting, and other information services industry in Connecticut over time. It is a key indicator of productivity and economic activity in the state's technology and digital services sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
Policymakers and industry analysts use this index to assess Connecticut's performance in the digital economy and guide economic development strategies.
Key Facts
- Connecticut's data processing and hosting industry accounts for over 2% of the state's GDP.
- This index has grown by an average of 4.2% annually over the past decade.
- The sector employs over 20,000 workers in Connecticut.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output or production volume of the data processing, web hosting, and other information services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the growth and competitiveness of Connecticut's digital economy, which is a key 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 as part of their state-level GDP estimation process.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this index to assess Connecticut's position in the digital economy and inform economic development strategies and investments.
Q: Are there update delays or limitations?
A: This index is published quarterly with a lag of several months, so there may be delays in accessing the most recent data.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Connecticut (CTDATAWWWQGSP), retrieved from FRED.