Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota
MNPROBUSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,873.90
Year-over-Year Change
6.62%
Date Range
1/1/2005 - 1/1/2025
Summary
This trend measures the real gross domestic product (GDP) for the professional, scientific, and technical services industry in Minnesota. It is an important indicator of economic activity and productivity in 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 Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota metric tracks the inflation-adjusted output of Minnesota's professional, scientific, and technical services industries, which include legal, accounting, architecture, engineering, and other knowledge-based services. It is a key measure of the state's economic performance in this high-value industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounts methodologies.
Historical Context
This metric is used by economists, policymakers, and businesses to assess Minnesota's economic conditions and competitiveness in the professional services sector.
Key Facts
- Minnesota's professional services GDP was $51.7 billion in 2020.
- This sector accounts for over 10% of Minnesota's total economic output.
- The professional services industry in Minnesota employs over 300,000 workers.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product 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 trend provides insight into the productivity and economic performance of a key high-value sector in Minnesota, which is important for understanding the state's overall economic conditions 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 using established national accounts methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the strength of Minnesota's professional services industry and inform decisions around economic development, workforce planning, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two to three months.
Related Trends
State Government Tax Collections, Alcoholic Beverages - Selective Sales Taxes in Minnesota
MNALCOTAX
Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Minnesota
SMU27000003100000008A
Retail Trade Earnings in Minnesota
MNERET
Finance and Insurance Earnings in Minnesota
MNEFIN
Number of Identified Exporters to Canada from Minnesota
MNCANA475SCEN
Average Weekly Hours of Production Employees: Manufacturing in Minnesota
SMU27000003000000007A
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota (MNPROBUSRQGSP), retrieved from FRED.