Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Mississippi
MSMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,061.40
Year-over-Year Change
59.27%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Mississippi. It provides insights into the economic performance and contribution 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 MSMISCPRONGSP series tracks the GDP generated by businesses providing professional, scientific, and technical services in Mississippi, including legal, accounting, engineering, and other specialized services. This metric is important for understanding the state's economic composition and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP estimates.
Historical Context
This GDP trend is widely used by policymakers, analysts, and businesses to assess the health and growth of Mississippi's service economy.
Key Facts
- Mississippi's miscellaneous professional services GDP was $4.8 billion in 2021.
- This sector accounts for over 6% of Mississippi's total economic output.
- The professional services GDP in Mississippi has grown by 12% since 2016.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by miscellaneous professional, scientific, and technical services businesses in Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This GDP metric provides important insights into the performance and contribution of Mississippi's professional services sector, which is a key component of the state'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 as part of its comprehensive GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses use this GDP trend to assess the health and growth of Mississippi's service economy and inform economic development strategies.
Q: Are there update delays or limitations?
A: The GDP data is published quarterly with a lag, so there may be a delay of several months before the most recent figures are available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Mississippi (MSMISCPRONGSP), retrieved from FRED.