Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Carolina
NCMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,111.90
Year-over-Year Change
115.40%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in North Carolina. It provides insights into the performance and growth of this important sector of 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: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Carolina series tracks the inflation-adjusted output of a range of knowledge-intensive industries, including legal services, accounting, consulting, research, and advertising. This data is a key indicator of economic activity and productivity in North Carolina's professional services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of North Carolina's professional services industry.
Key Facts
- North Carolina's professional services sector accounts for over 10% of the state's total GDP.
- This industry has seen steady growth of around 3% annually over the past decade.
- The miscellaneous professional services segment includes high-value occupations like legal, accounting, and consulting work.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the miscellaneous professional, scientific, and technical services industry in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and growth of a key sector of North Carolina's economy, which is closely watched by policymakers, economists, and industry stakeholders.
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: This trend is used by policymakers, economists, and industry analysts to assess the health and competitiveness of North Carolina's professional services sector, which is an important driver of the state's economic growth.
Q: Are there update delays or limitations?
A: There may be lags of several months in the data reporting, as it relies on comprehensive national economic accounting procedures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Carolina (NCMISCPRORGSP), retrieved from FRED.