Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Maryland
MDPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
54,187.10
Year-over-Year Change
48.73%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Maryland. It provides insights into the economic performance and productivity of this key sector.
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 GDP of the professional, scientific, and technical services industry in Maryland is a crucial indicator of the state's economic health and competitiveness. This data helps policymakers and analysts understand the growth and development of a key component of Maryland's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by state and industry program.
Historical Context
This trend is used by economists, policymakers, and industry analysts to assess the economic conditions and growth potential in Maryland.
Key Facts
- Maryland's professional, scientific, and technical services industry accounts for a significant portion of the state's GDP.
- This sector has experienced steady growth over the past decade, outpacing the overall state economy.
- The performance of this industry is closely tied to the strength of Maryland's knowledge-based economy and innovation ecosystem.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and productivity of a key sector in Maryland, which is important for understanding the state's overall economic health 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 GDP by state and industry program.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts use this trend to assess the economic conditions and growth potential in Maryland, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, but there may be some delays in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Maryland (MDPROSCITCHRGSP), retrieved from FRED.