Gross Domestic Product: Professional and Business Services (54, 55, 56) in Louisiana
LAPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28,371.50
Year-over-Year Change
53.38%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of professional and business services in Louisiana. It is a key indicator of economic activity and productivity in the state.
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 LAPROBUSNGSP series tracks the GDP originating from the professional, scientific, technical, management, administrative, and waste management sectors in Louisiana. It provides insight into the strength and growth of the state's knowledge-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This metric is closely watched by policymakers, businesses, and analysts to assess Louisiana's economic composition and competitiveness.
Key Facts
- Louisiana's professional and business services GDP was $23.7 billion in 2021.
- This sector accounts for over 12% of the state's total economic output.
- GDP in this industry grew by 4.2% in Louisiana from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: The LAPROBUSNGSP series measures the gross domestic product (GDP) originating from professional, scientific, technical, management, administrative, and waste management services in Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the strength and growth of Louisiana's knowledge-based industries, which are key drivers of economic activity and productivity in the state.
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: This metric is closely watched by policymakers, businesses, and analysts to assess Louisiana's economic composition and competitiveness.
Q: Are there update delays or limitations?
A: The data is updated annually by the U.S. Bureau of Economic Analysis, with a typical lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Louisiana (LAPROBUSNGSP), retrieved from FRED.