Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the Great Lakes BEA Region
GLAKMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
145,176.20
Year-over-Year Change
59.68%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in the Great Lakes region of the United States. It provides insights into the performance and economic contribution of this important service 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 Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the Great Lakes BEA Region tracks the inflation-adjusted output of a diverse set of professional, scientific, and technical service providers in the Great Lakes states. This metric is a key indicator of economic activity and productivity in this significant industry cluster.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP estimates.
Historical Context
This economic trend is closely watched by policymakers, businesses, and analysts to gauge the health and competitiveness of the professional services industry in the Great Lakes region.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Professional services make up around 12% of the region's economic output.
- This industry cluster includes legal, accounting, consulting, and R&D services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and economic contribution of a key industry cluster in the Great Lakes states, which is important for understanding regional economic dynamics 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 (BEA) as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and analysts closely monitor this trend to gauge the health and competitiveness of the professional services industry in the Great Lakes region, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The 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, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the Great Lakes BEA Region (GLAKMISCPRORGSP), retrieved from FRED.