Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota
MNPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,124.90
Year-over-Year Change
16.44%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota measures the economic output of this key industry sector in the state. It is a vital indicator for understanding Minnesota's service-based economy and informing economic policy decisions.
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 economic series tracks the total inflation-adjusted gross domestic product (GDP) generated by professional, scientific, and technical services firms operating in the state of Minnesota. It is a key metric for assessing the performance and growth of this important services industry within the state's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product account (NIPA) methodology.
Historical Context
Policymakers and industry analysts use this data to evaluate Minnesota's competitive position and economic development priorities.
Key Facts
- Minnesota's professional services sector accounts for over 10% of state GDP.
- This industry has experienced steady growth, outpacing the broader state economy.
- The data is released quarterly with a 3-month lag.
FAQs
Q: What does this economic trend measure?
A: This series measures the total output or gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides critical insights into the performance and competitiveness of Minnesota's high-value services sector, which is a key driver of the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects this data and calculates the GDP figures using national income and product account (NIPA) methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies in Minnesota use this data to evaluate the state's industry mix, set priorities, and formulate strategies to support the professional services sector.
Q: Are there update delays or limitations?
A: The data is released quarterly by the BEA with a 3-month lag, so it does not provide real-time insights. There may also be revisions to historical data as more complete information becomes available.
Related Trends
Estimate of Related Children Age 5-17 in Families in Poverty for Minnesota
PE5T17MN27000A647NCEN
Regional Price Parities: Goods: Metropolitan Portion for Minnesota
MNMPRPPGOOD
Gross Domestic Product: Retail Trade (44-45) in Minnesota
MNRETAILNGSP
Average Hourly Earnings of Production Employees: Education and Health Services: Ambulatory Health Care Services in Minnesota
SMU27000006562100008
All Employees: Government: State Government Educational Services in Minnesota
SMU27000009092161101SA
All Employees: Education and Health Services: Hospitals in Minnesota
SMU27000006562200001SA
Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota (MNPROBUSNQGSP), retrieved from FRED.