Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Ohio
OHPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99,563.50
Year-over-Year Change
47.15%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services sector in Ohio. It provides valuable insights into the performance and growth of this vital component 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: Professional and Business Services (54, 55, 56) in Ohio series tracks the inflation-adjusted output of industries such as legal services, accounting, architecture, engineering, computer systems design, and management consulting. This metric is widely used by economists and policymakers to assess the health and competitiveness of Ohio's professional services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Historical Context
This trend is closely monitored by state and local governments, as well as businesses operating in the professional services sector, to inform economic development strategies and investment decisions.
Key Facts
- Ohio's professional and business services sector accounts for over 15% of the state's GDP.
- This industry has experienced steady growth, outpacing the overall state economy in recent years.
- The performance of Ohio's professional services sector is closely tied to the health of the broader U.S. economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional and business services sector in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and competitiveness of Ohio's professional services industry, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and local governments, as well as businesses in the professional services sector, to inform economic development strategies and investment decisions.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and methodological updates of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Ohio (OHPROBUSRGSP), retrieved from FRED.