Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Carolina
NCMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,962.00
Year-over-Year Change
149.92%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in North Carolina. It provides insights into the productivity and economic output 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 NCMISCPRONGSP series tracks the GDP contribution of industries such as legal services, accounting, architectural and engineering services, and management and technical consulting in North Carolina. This data point is used by economists and policymakers to analyze the health and growth of the state's knowledge-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic reports.
Historical Context
This GDP metric informs decisions around economic development, workforce training, and business climate policies in North Carolina.
Key Facts
- North Carolina's miscellaneous professional services GDP was $35.2 billion in 2021.
- This industry accounts for over 6% of the state's total economic output.
- GDP in this sector grew by 4.2% in North Carolina from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in North Carolina. It covers industries like legal, accounting, engineering, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: This GDP metric provides important insights into the productivity and economic contribution of North Carolina's knowledge-based professional services sector, which is a key driver 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 based on surveys and economic reports.
Q: How is this trend used in economic policy?
A: This GDP data for North Carolina's professional services informs decisions around economic development, workforce training, and business climate policies in the state.
Q: Are there update delays or limitations?
A: The GDP data is typically published with a lag of several months, so there may be delays in accessing the most current information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Carolina (NCMISCPRONGSP), retrieved from FRED.