Chain-Type Quantity Index for Real GDP: Administrative and Support and Waste Management and Remediation Services (56) in Massachusetts
MAADMINWASTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.82
Year-over-Year Change
35.66%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Administrative and Support and Waste Management and Remediation Services (56) in Massachusetts measures the inflation-adjusted output of this economic sector in the state. It is a key indicator of productivity and growth in this important service industry.
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
This index provides a measure of real GDP, or inflation-adjusted economic output, for the Administrative and Support and Waste Management and Remediation Services sector in Massachusetts. It allows economists and policymakers to track changes in the volume of economic activity in this industry over time, separate from the effects of price changes.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This economic trend is used by analysts to assess the health and growth prospects of the Administrative and Support and Waste Management services industry in Massachusetts and its contribution to the state's overall economic performance.
Key Facts
- Massachusetts accounts for over 5% of U.S. GDP in this sector.
- The index has grown by an average of 2.5% annually over the past decade.
- This industry employs nearly 300,000 workers in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output or real GDP of the Administrative and Support and Waste Management and Remediation Services sector in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth of a key services industry in the Massachusetts economy, which can inform business and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the health and growth prospects of the Administrative and Support and Waste Management services industry in Massachusetts and its contribution to the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Administrative and Support and Waste Management and Remediation Services (56) in Massachusetts (MAADMINWASTQGSP), retrieved from FRED.