Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Dakota
NDMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,595.00
Year-over-Year Change
83.67%
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 sector in North Dakota. It provides insight into the performance and growth of this important industry 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 NDMISCPRONGSP series tracks the value-added output of businesses providing a variety of professional, scientific, and technical services, including legal, accounting, architecture, engineering, and consulting services. This metric is a key indicator of economic activity and productivity in North Dakota's knowledge-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting principles.
Historical Context
Policymakers and economists analyze this trend to assess the health and competitiveness of North Dakota's professional services sector and its contribution to the state's overall economic growth.
Key Facts
- North Dakota's professional services sector accounts for over 5% of the state's total GDP.
- This industry has experienced steady growth, expanding by 3.2% annually on average over the past decade.
- The miscellaneous professional services industry is a key driver of innovation and productivity in North Dakota's economy.
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 sector in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of North Dakota's knowledge-based industries, which are critical contributors to the state's overall economic competitiveness and productivity.
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 GDP accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the health and competitiveness of North Dakota's professional services sector and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The NDMISCPRONGSP data is updated quarterly by the U.S. Bureau of Economic Analysis, with some inherent delays in the reporting process.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Dakota (NDMISCPRONGSP), retrieved from FRED.