Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Indiana
INPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,578.70
Year-over-Year Change
93.36%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the professional, scientific, and technical services sector in Indiana. It provides insights into the productivity and growth of this key industry within the state's economy.
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: Professional, Scientific, and Technical Services (54) in Indiana series tracks the value-added output of businesses in this sector, adjusted for inflation. It is a critical indicator of economic performance and competitiveness in a major service industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This trend is closely monitored by policymakers, economists, and industry stakeholders to assess Indiana's economic conditions and competitiveness.
Key Facts
- The professional, scientific, and technical services sector accounts for over 10% of Indiana's GDP.
- This industry has experienced steady growth in Indiana over the past decade.
- Productivity gains in this sector can boost the state's overall economic competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the professional, scientific, and technical services sector in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the productivity and growth of a key service industry within Indiana's economy, which is crucial for assessing the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and industry stakeholders to evaluate Indiana's economic conditions and competitiveness, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Indiana (INPROSCITCHRGSP), retrieved from FRED.