Gross Domestic Product: Computer Systems Design and Related Services (5415) in Illinois
ILCPUSYSDSGNNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,208.20
Year-over-Year Change
83.33%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the computer systems design and related services industry in Illinois. It provides insights into the economic performance and productivity of this key technology 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 GDP of the computer systems design and related services industry in Illinois represents the total value of goods and services produced by this sector within the state. It is a key indicator of the industry's economic contribution and growth, which is crucial for understanding technology and innovation trends in the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by industry estimates.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the competitiveness and growth potential of Illinois' technology sector.
Key Facts
- Illinois is a leading technology hub in the U.S.
- The computer systems design industry accounts for a significant portion of the state's GDP.
- GDP growth in this sector can indicate increased investment and innovation.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the computer systems design and related services industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of a key technology sector in Illinois, which is crucial for understanding regional innovation 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 as part of its GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and industry analysts to assess the competitiveness and growth potential of Illinois' technology sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revision policies of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Computer Systems Design and Related Services (5415) in Illinois (ILCPUSYSDSGNNGSP), retrieved from FRED.