Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Massachusetts
MAPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114,346.40
Year-over-Year Change
118.04%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) of the professional, scientific, and technical services sector in Massachusetts. It provides insight into the performance and growth of this key industry 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 GDP of the professional, scientific, and technical services sector in Massachusetts is an important indicator of economic activity and productivity in this knowledge-based industry. It helps policymakers and analysts understand the relative strength and competitiveness of Massachusetts' professional services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is widely used by economists, policymakers, and business leaders to assess the health and growth of Massachusetts' professional services industry.
Key Facts
- Massachusetts is home to many leading professional services firms.
- The professional services sector accounts for over 12% of the state's GDP.
- This trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the professional, scientific, and technical services sector in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of Massachusetts' professional services industry, 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.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and growth of Massachusetts' professional services sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Massachusetts (MAPROSCITCHNGSP), retrieved from FRED.