Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Dakota
NDMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,478.30
Year-over-Year Change
58.29%
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 Dakota. It provides insight into the performance and growth of this key 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 Dakota trend tracks the inflation-adjusted value added by firms in this industry to the state's overall economic output. It is an important indicator of the health and competitiveness of North Dakota's professional services sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using reported industry sales and other economic indicators.
Historical Context
This trend is closely monitored by economists, policymakers, and business leaders to assess the state's economic diversification and competitiveness.
Key Facts
- North Dakota's professional services industry accounts for over 5% of the state's total GDP.
- This sector has seen steady growth over the past decade, outpacing the national average.
- The industry includes firms providing legal, accounting, engineering, research, and other specialized services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in North Dakota. It provides insight into the performance and growth of this key sector of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of the health and competitiveness of North Dakota's professional services sector, which is closely monitored by economists, policymakers, and business leaders to assess 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 reported industry sales and other economic indicators.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and business leaders to assess the performance and growth of North Dakota's professional services sector, which is a key driver of the state's overall economic competitiveness and diversification.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reporting period. There may also be revisions to previous data as more complete information becomes available.
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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 Dakota (NDMISCPRORGSP), retrieved from FRED.