Real Gross Domestic Product: Administrative and Support Services (561) in the Great Lakes BEA Region
GLAKADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
89,229.90
Year-over-Year Change
32.86%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support services sector (NAICS code 561) in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insights into the economic activity and productivity of this critical service 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 GDP for administrative and support services in the Great Lakes region is a key indicator of the health and growth of this industry, which includes activities like office administration, facilities support, and business support services. It is used by economists and policymakers to analyze regional economic trends and the competitiveness of this sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This trend is relevant for understanding the broader economic dynamics and competitiveness of the Great Lakes region.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Administrative and support services make up about 10% of the region's GDP.
- This sector has seen steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the administrative and support services sector in the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic health and productivity of the administrative and support services sector, which is a critical part of the Great Lakes regional 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 its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze regional economic trends and the competitiveness of the administrative and support services sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in the Great Lakes BEA Region (GLAKADMINSUPRGSP), retrieved from FRED.