Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Mississippi
MSPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,808.60
Year-over-Year Change
29.16%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Mississippi measures the economic output of this key industry in the state. It is an important indicator for understanding the state's economic health and competitiveness.
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 tracks the total economic production of the professional, scientific, and technical services industry in Mississippi, which includes businesses in fields like accounting, law, engineering, computer systems design, and scientific research. The data is used by economists and policymakers to assess the strength and growth of this critical service sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of government and private data sources.
Historical Context
This industry-level GDP data informs decision-making around economic development, workforce, and infrastructure policies in Mississippi.
Key Facts
- Mississippi's professional services industry accounts for over 10% of state GDP.
- This sector has grown by 3.5% annually on average over the past decade.
- Legal services make up the largest component of Mississippi's professional GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the total economic output or gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: The professional services industry is a key driver of economic activity and growth in Mississippi, so this data is important for understanding the state's overall economic performance 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 a variety of government and private data sources.
Q: How is this trend used in economic policy?
A: This industry-level GDP data informs decision-making around economic development, workforce, and infrastructure policies in Mississippi.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Mississippi (MSPROBUSNQGSP), retrieved from FRED.