Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Connecticut
CTPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,016.20
Year-over-Year Change
37.23%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures real gross domestic product (GDP) for the professional and business services sector in the state of Connecticut. It provides insights into the economic performance and growth of this key industry.
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: Professional and Business Services (54, 55, 56) in Connecticut series tracks the inflation-adjusted value added by establishments engaged in professional, scientific, technical, administrative, and waste management services. This data is used to analyze the contribution of this sector to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is relevant for policymakers, businesses, and economic analysts to assess the strength and competitiveness of Connecticut's professional and business services industry.
Key Facts
- The professional and business services sector accounts for over 20% of Connecticut's total GDP.
- This trend has shown steady growth over the past decade, outpacing the state's overall economic expansion.
- The COVID-19 pandemic temporarily disrupted this sector, but it has since recovered to pre-pandemic levels.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product for the professional and business services sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and growth of a key industry in Connecticut, which is useful for policymakers, businesses, and economic analysts.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is relevant for assessing the strength and competitiveness of Connecticut's professional and business services industry, which can inform economic development policies and strategies.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other GDP statistics released by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Connecticut (CTPROBUSRGSP), retrieved from FRED.