Gross Domestic Product: Private Services-Providing Industries in Connecticut
CTPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
280,508.60
Year-over-Year Change
56.29%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Connecticut measures the economic output of private service-providing industries in the state. This metric is important for analyzing Connecticut's economic health and trends.
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 data series represents the total value added by private service-providing industries in Connecticut, including sectors such as trade, transportation, utilities, information, financial activities, professional and business services, education, and healthcare. It is a key indicator of the state's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
Policymakers and analysts use this metric to understand the drivers of Connecticut's economic growth and assess the state's competitiveness.
Key Facts
- Connecticut's private services-providing industries account for over 70% of the state's GDP.
- This metric has shown steady growth over the past decade, outpacing the national average.
- The finance, insurance, and real estate sectors are the largest contributors to Connecticut's private services GDP.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total economic output of private service-providing industries in the state of Connecticut, including sectors like finance, healthcare, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the drivers of Connecticut's economic growth and competitiveness, as the private services sector is a dominant part of the state's economy.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and competitiveness of Connecticut's economy, and to inform decisions around economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Connecticut (CTPRISERVPRONGSP), retrieved from FRED.