Gross Domestic Product: Professional and Business Services (54, 55, 56) in Minnesota
MNPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
65,295.60
Year-over-Year Change
79.23%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Professional and Business Services (54, 55, 56) in Minnesota measures the total economic output of this industry sector in the state. It is a key indicator of the health and growth of Minnesota's professional services 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
This series represents the gross domestic product originating from industries such as professional, scientific, and technical services; management of companies and enterprises; and administrative and support and waste management and remediation services in the state of Minnesota. It provides insight into the productivity and contribution of this important business services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Economists and policymakers use this metric to assess the strength and dynamics of Minnesota's services-oriented industries.
Key Facts
- Minnesota's professional and business services industry accounts for over 17% of the state's GDP.
- This sector has grown by an average of 3.2% annually over the past decade.
- Professional and business services is the second-largest industry contributor to Minnesota's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product originating from Minnesota's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and growth of a key services-oriented sector that is critical to Minnesota'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 using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to assess the strength and dynamics of Minnesota's services-oriented industries, which inform economic development strategies.
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, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Minnesota (MNPROBUSNGSP), retrieved from FRED.