Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Florida
FLPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
163.55
Year-over-Year Change
101.34%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Florida measures the real output of Florida's professional, scientific, technical, management, administrative, and waste services industries.
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 the inflation-adjusted value of economic activity in key service sectors that contribute to Florida's overall GDP. It is an important indicator of the state's business and professional services industry performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP by industry statistics.
Historical Context
Policymakers and analysts use this index to monitor the health and competitiveness of Florida's knowledge-based services economy.
Key Facts
- Florida's professional and business services account for over 20% of the state's GDP.
- This index has grown by over 40% since 2010, outpacing the national average.
- The COVID-19 pandemic caused a sharp but temporary decline in this index in 2020.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Florida's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of the health and competitiveness of Florida's knowledge-based services economy, which is a key driver of the state's overall GDP.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the performance of Florida's professional and business services sector and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The index data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Florida (FLPROBUSQGSP), retrieved from FRED.