Professional and Technical Services Wages and Salaries in North Dakota
NDWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,633,525.00
Year-over-Year Change
26.91%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Professional and Technical Services Wages and Salaries in North Dakota' trend measures changes in compensation for workers in specialized occupations across the state. This metric provides insight into the state's professional labor market and cost pressures facing businesses.
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 quarterly changes in average hourly wages and salaries for employees in North Dakota's professional and technical services industries, which include occupations like legal, accounting, consulting, and scientific services. It serves as an important economic indicator for understanding talent costs and compensation trends in high-skill sectors.
Methodology
The data is collected through the Quarterly Census of Employment and Wages (QCEW) program.
Historical Context
Policymakers and businesses closely monitor this trend to assess the competitive landscape and cost environment for professional labor in North Dakota.
Key Facts
- North Dakota has one of the highest-paid professional services workforces in the U.S.
- Wages in this sector have risen over 30% in the past decade.
- The state's booming energy and technology industries drive high demand for skilled labor.
FAQs
Q: What does this economic trend measure?
A: This trend measures changes in average hourly wages and salaries for employees in North Dakota's professional and technical services industries, including occupations like legal, accounting, consulting, and scientific services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the cost and competitiveness of North Dakota's professional labor market, which is crucial for businesses, policymakers, and economists assessing the state's economic conditions and growth prospects.
Q: How is this data collected or calculated?
A: The data is collected through the Quarterly Census of Employment and Wages (QCEW) program.
Q: How is this trend used in economic policy?
A: Policymakers and businesses closely monitor this trend to assess the competitive landscape and cost environment for professional labor in North Dakota, which informs decision-making around talent attraction, workforce development, and business investment.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis with a typical 3-month lag, so it may not reflect the most current economic conditions.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in North Dakota (NDWPRO), retrieved from FRED.