Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Dakota
NDPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,528.10
Year-over-Year Change
28.04%
Date Range
1/1/2005 - 1/1/2025
Summary
The 'Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Dakota' measures the economic output of this industry sector in the state. It provides insights into the performance and growth of knowledge-intensive industries in North Dakota'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
This series tracks the real gross domestic product (GDP) contribution of the professional, scientific, and technical services industry in North Dakota. It is a key indicator of the state's knowledge-based economic activity and competitiveness in high-skill services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
Policymakers and analysts use this trend to assess the health and development of North Dakota's knowledge economy.
Key Facts
- North Dakota's professional services GDP was $7.7 billion in 2021.
- This industry accounts for over 10% of the state's total economic output.
- The sector has grown by 20% in real terms over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) contribution of the professional, scientific, and technical services industry in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and growth of knowledge-intensive industries in North Dakota's economy, which is important for understanding the state's economic competitiveness and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and development of North Dakota's knowledge economy and inform economic development strategies.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Dakota (NDPROBUSNQGSP), retrieved from FRED.