Real Gross Domestic Product: Administrative and Support Services (561) in North Carolina
NCADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,121.20
Year-over-Year Change
75.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support services industry in North Carolina. It provides insights into the performance and growth of this crucial service sector within the state's 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
The Real Gross Domestic Product: Administrative and Support Services (561) in North Carolina series tracks the inflation-adjusted output of businesses providing administrative and support services, such as office administration, facility support, and employment services. This metric is a key indicator of the health and productivity of this industry, which plays a vital role in supporting other economic activities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists closely monitor this trend to assess the state's business environment and make informed decisions about economic development strategies.
Key Facts
- North Carolina's administrative and support services industry accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth, outpacing the overall state economy in recent years.
- The administrative and support services industry is a major employer in North Carolina, providing jobs for over 300,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the administrative and support services industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a crucial service sector within North Carolina's economy, which is important for policymakers and economists to monitor.
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 principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the state's business environment and make informed decisions about economic development strategies.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, but may be subject to revision and update delays typical of macroeconomic statistics.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in North Carolina (NCADMINSUPRGSP), retrieved from FRED.