Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Connecticut
CTPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26,162.40
Year-over-Year Change
64.31%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in Connecticut. It provides insights into the performance and economic contribution of this key 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 CTPROSCITCHNGSP series tracks the GDP of the professional, scientific, and technical services industry in Connecticut, which includes a wide range of knowledge-intensive activities such as legal, accounting, engineering, and computer system design services. This data is useful for analyzing the state's economic structure and competitiveness in this high-value services sector.
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
Policymakers and analysts use this data to assess the health and growth of Connecticut's knowledge-based economy.
Key Facts
- Connecticut's professional and technical services GDP was $48.1 billion in 2021.
- This sector accounts for over 15% of Connecticut's total economic output.
- The industry grew by 3.2% in 2021 after a pandemic-related decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and economic importance of a key high-value services sector in Connecticut, which is useful for analyzing the state's economic structure and competitiveness.
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: Policymakers and analysts use this data to assess the health and growth of Connecticut's knowledge-based economy, which is crucial for informing economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Connecticut (CTPROSCITCHNGSP), retrieved from FRED.