Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Great Lakes BEA Region
GLAKPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
266,001.90
Year-over-Year Change
19.39%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Great Lakes BEA Region measures the economic output of this key industry in the multistate Great Lakes region. It is an important indicator for understanding regional economic trends and the relative performance of this critical services 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
This economic indicator tracks the real (inflation-adjusted) gross domestic product for the professional, scientific, and technical services industry, which includes legal, accounting, engineering, and other high-skilled services, within the multistate Great Lakes Bureau of Economic Analysis (BEA) region. It provides insights into the productivity and growth of this knowledge-intensive sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a range of government and private datasets.
Historical Context
This regional GDP metric is closely watched by policymakers, businesses, and economists to assess the economic health and competitiveness of the Great Lakes states.
Key Facts
- Covers 8 Midwestern states: Illinois, Indiana, Michigan, Ohio, Wisconsin, Minnesota, Iowa, and Missouri.
- Accounts for over 10% of total GDP in the Great Lakes region.
- Experienced steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the real gross domestic product (GDP) for the professional, scientific, and technical services industry within the multistate Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into the productivity and growth of this critical high-skilled services sector, which is closely watched by policymakers, businesses, and economists to assess the economic health and competitiveness of the Great Lakes states.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a range of government and private datasets.
Q: How is this trend used in economic policy?
A: This regional GDP metric is used by policymakers, businesses, and economists to assess the economic performance and competitiveness of the Great Lakes states.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
Related Trends
Chain-Type Quantity Index for Real GDP: Private Industries in the Great Lakes BEA Region
GLAKPIQGSP
Real Gross Domestic Product: Accommodation and Food Services (72) in the Great Lakes BEA Region
GLAKACCFDRGSP
Gross Domestic Product: Legal Services (5411) in the Great Lakes BEA Region
GLAKLEGALNGSP
Real Gross Domestic Product: Retail Trade (44-45) in the Great Lakes BEA Region
GLAKRETAILRQGSP
Real Gross Domestic Product: Finance and Insurance (52) in the Great Lakes BEA Region
GLAKFININSRQGSP
Real Gross Domestic Product: Warehousing and Storage (493) in the Great Lakes BEA Region
GLAKWARESTORRGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Great Lakes BEA Region (GLAKPROBUSNQGSP), retrieved from FRED.