Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Louisiana
LAMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,335.30
Year-over-Year Change
21.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Louisiana. It provides insight into the productivity and economic contribution of this critical 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 Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Louisiana trend represents the inflation-adjusted value-added output of businesses engaged in a variety of professional, scientific, and technical services within the state. This data is used by economists and policymakers to analyze industry performance and economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This industry-level GDP metric helps inform decisions around economic policy, workforce development, and business climate in Louisiana.
Key Facts
- Louisiana's miscellaneous professional services industry contributed $15.7 billion to state GDP in 2021.
- This industry has grown at an average annual rate of 2.8% over the past decade.
- The sector accounts for over 7% of Louisiana's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product for 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 industry-level GDP metric provides valuable insights into the productivity and economic contribution of a key service sector, which is important for understanding state-level economic performance and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This GDP metric for Louisiana's professional services industry helps inform decisions around economic policy, workforce development, and business climate within the state.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several quarters behind the current period. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Louisiana (LAMISCPRORGSP), retrieved from FRED.