Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Louisiana
LAMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,993.20
Year-over-Year Change
40.62%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Louisiana. It provides insights into the economic output and performance of this important 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 LAMISCPRONGSP series tracks the GDP contribution of establishments primarily engaged in providing professional, scientific, and technical services in Louisiana, such as legal, accounting, consulting, research, and advertising services. This data point is used by economists and policymakers to analyze the state's economic composition and growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding Louisiana's economic dynamics and competitiveness in professional services.
Key Facts
- Louisiana's GDP in miscellaneous professional services was $7.8 billion in 2021.
- This industry accounts for over 3% of Louisiana's total GDP.
- The sector has seen steady growth, expanding by 12% from 2016 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the miscellaneous professional, scientific, and technical services industry in the state of Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and economic importance of Louisiana's professional services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze Louisiana's economic composition, competitiveness, and growth potential in the professional services industry.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Louisiana (LAMISCPRONGSP), retrieved from FRED.