Gross Domestic Product: Administrative and Support Services (561) in Indiana
INADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,813.60
Year-over-Year Change
81.50%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the state of Indiana. It provides insights into the performance and economic contribution of this key 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 administrative and support services industry encompasses a wide range of back-office functions, including office administration, facilities support, business support, and other services that support the operations of other businesses. This GDP metric offers a gauge of the overall economic activity and productivity within this important industry in Indiana.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This economic indicator is closely watched by policymakers, analysts, and businesses to assess the health and growth of Indiana's service economy.
Key Facts
- Indiana's administrative and support services GDP was $13.8 billion in 2021.
- This industry accounts for over 4% of Indiana's total economic output.
- The sector has seen steady growth, expanding by 23% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and economic contribution of a key service sector in Indiana, which is closely watched by policymakers and businesses.
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 their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This indicator is used by policymakers, analysts, and businesses to assess the health and growth of Indiana's service economy and inform economic and business decisions.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revision process of the U.S. Bureau of Economic Analysis, which may result in occasional update delays or minor revisions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in Indiana (INADMINSUPNGSP), retrieved from FRED.