Gross Domestic Product: Professional and Business Services (54, 55, 56) in Maryland
MDPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
81,109.20
Year-over-Year Change
64.78%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the professional and business services sector in Maryland. It provides insights into the health and growth of this important component of 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 professional and business services sector includes a wide range of activities such as legal services, accounting, architecture, engineering, management consulting, and administrative support. This data series tracks the total economic output of these industries in Maryland and is a key indicator of the state's economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP estimates.
Historical Context
Policymakers and analysts use this trend to assess the competitive position and growth potential of Maryland's professional service industries.
Key Facts
- Maryland's professional and business services sector accounts for over 20% of the state's GDP.
- This sector has grown at an average annual rate of 3.5% over the past decade.
- The COVID-19 pandemic had a significant impact, causing a 6.2% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional and business services sector in the state of Maryland. It covers a wide range of industries such as legal services, accounting, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: The professional and business services sector is a key driver of Maryland's economy, and this data provides important insights into the health and growth of these industries. Policymakers and analysts use this information to assess the state's economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP estimates for the United States.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this trend to evaluate the competitive position and growth potential of Maryland's professional service industries, which are important contributors to the state's overall economic performance and employment.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so there may be delays in accessing the most recent information. Additionally, the data is subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Maryland (MDPROBUSNGSP), retrieved from FRED.