Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Florida
FLMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
172.61
Year-over-Year Change
115.50%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Florida measures the volume of economic output in this industry sector within 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 comprehensive measure of the real (inflation-adjusted) gross domestic product generated by miscellaneous professional, scientific, and technical services firms in Florida. It is a key indicator of economic health and productivity in this important service-oriented industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP statistics.
Historical Context
Policymakers and analysts use this index to gauge the strength and trends within Florida's professional services economy.
Key Facts
- Florida's professional services industry accounts for over 10% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The sector employs more than 500,000 Floridians.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) output of Florida's miscellaneous professional, scientific, and technical services industry, including legal, accounting, consulting, and R&D services.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the productivity and economic health of an important service-oriented industry within Florida'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 using state-level GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the strength and trends within Florida's professional services economy, which can inform decisions on economic development, workforce planning, and regulatory policies.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Florida (FLMISCPROQGSP), retrieved from FRED.