Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina
NCPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
59,145.00
Year-over-Year Change
127.39%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) for the professional, scientific, and technical services industry in North Carolina. It provides insights into the economic performance and productivity 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 real GDP for professional, scientific, and technical services in North Carolina tracks the inflation-adjusted value added by this industry to the state's overall economic output. This metric is used by economists and policymakers to analyze the health and competitiveness of this knowledge-intensive sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private data sources.
Historical Context
This trend is relevant for understanding North Carolina's economic diversification and the state's competitiveness in high-skilled, technology-driven industries.
Key Facts
- North Carolina is a major hub for professional and technical services.
- This sector accounts for over 10% of the state's total economic output.
- The real GDP for this industry has grown steadily in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the professional, scientific, and technical services industry in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and productivity of a key knowledge-intensive sector in North Carolina, which is useful for understanding the state's economic diversification and competitiveness.
Q: How is this data collected or calculated?
A: The data is 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 trend is relevant for policymakers and economists analyzing the health and competitiveness of North Carolina's professional services industry and its role in the state's broader economic development.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and limitations of the U.S. Bureau of Economic Analysis' GDP by industry statistics.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina (NCPROSCITCHRGSP), retrieved from FRED.