Gross Domestic Product: Professional and Business Services (54, 55, 56) in the Great Lakes BEA Region
GLAKPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
456,216.60
Year-over-Year Change
71.63%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the professional, business, and administrative services sectors in the Great Lakes region of the United States. It provides insights into the region's service-based economic activity and productivity.
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 Gross Domestic Product: Professional and Business Services (54, 55, 56) in the Great Lakes BEA Region series tracks the output and growth of key service industries within the eight-state Great Lakes region. This data is useful for analyzing the region's economic structure, competitiveness, and service-sector performance.
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 indicator is relevant for policymakers, businesses, and analysts seeking to understand the dynamics of the Great Lakes region's service economy.
Key Facts
- The Great Lakes region accounts for nearly one-fifth of U.S. GDP.
- Professional and business services make up over 20% of the region's economic output.
- This sector has seen steady growth in recent years, outpacing the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional, business, and administrative services sectors in the eight-state Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and competitiveness of the service-based economy in the Great Lakes region, which is crucial for understanding regional economic dynamics.
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: This indicator is relevant for policymakers, businesses, and analysts seeking to understand the service sector's role and performance in the Great Lakes region's economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period.
Related Trends
Real Gross Domestic Product: Manufacturing (31-33) in the Great Lakes BEA Region
GLAKMANRGSP
Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the Great Lakes BEA Region
GLAKARTETRTACCFDRGSP
Personal Consumption Expenditures: Nondurable Goods: Other Nondurable Goods for Great Lakes BEA Region
GLAKPCEONDURG
Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in the Great Lakes BEA Region
GLAKADMINWASTNGSP
Gross Domestic Product: Food Services and Drinking Places (722) in the Great Lakes BEA Region
GLAKFOODDPNGSP
Real Gross Domestic Product: Private Industries in the Great Lakes BEA Region
GLAKPIRGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in the Great Lakes BEA Region (GLAKPROBUSNGSP), retrieved from FRED.