Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts
MAMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69,737.00
Year-over-Year Change
115.76%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Massachusetts. It provides insight into the performance and productivity of this key service sector 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: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts series tracks the inflation-adjusted output of firms providing a variety of knowledge-based services, including legal, accounting, architectural, engineering, and consulting activities. This metric is used by economists and policymakers to assess the health and growth of Massachusetts' professional services industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This trend is relevant for understanding the broader economic landscape in Massachusetts and informing policy decisions that impact the professional services sector.
Key Facts
- Massachusetts is a national leader in professional and technical services.
- This industry accounts for over 10% of the state's GDP.
- The sector has experienced steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Massachusetts, including legal, accounting, and consulting activities.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and productivity of a key service sector within the Massachusetts economy, informing economic analysis 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 industry-level GDP figures.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the broader economic landscape in Massachusetts and informing policy decisions that impact the professional services sector.
Q: Are there update delays or limitations?
A: There may be some delay in the availability of the most recent data, as is common with many economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts (MAMISCPRORGSP), retrieved from FRED.