Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in North Carolina
NCPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
158.35
Year-over-Year Change
95.26%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in North Carolina measures the real output of the professional, business, and administrative services sectors in the state.
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 index tracks changes in the real value-added production of professional, scientific, technical, management, administrative, and waste services industries in North Carolina. It is a key indicator of economic activity and productivity in the state's service sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This metric is used by economists and policymakers to assess the health and growth of North Carolina's service-based economy.
Key Facts
- North Carolina's professional and business services sector accounts for over 20% of the state's GDP.
- This index has grown by an average of 3.2% annually over the past decade.
- The sector employs more than 850,000 workers in North Carolina.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output or value-added production of North Carolina's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: The professional and business services sector is a key driver of economic activity and productivity in North Carolina, so this index provides important insights into the health and growth of the state's service-based economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to assess the performance and outlook of North Carolina's service sector, which informs decisions around economic development, workforce planning, and fiscal policy.
Q: Are there update delays or limitations?
A: The data is typically published with a 3-month lag and may be subject to minor revisions over time as additional information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in North Carolina (NCPROBUSQGSP), retrieved from FRED.