Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Pennsylvania
PAADMINWASTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,003.80
Year-over-Year Change
73.21%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the contribution of the administrative and support, and waste management and remediation services industry to the gross domestic product (GDP) of Pennsylvania. It is a key indicator of economic activity and productivity in a crucial service sector.
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 PAADMINWASTNGSP series represents the value added by establishments engaged in administrative and support services, as well as waste management and remediation services, to Pennsylvania's overall GDP. This data helps economists and policymakers assess the health and competitiveness of this industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry accounts.
Historical Context
This trend is used by economists, investors, and policymakers to evaluate the performance and contribution of the administrative and waste management services sector in Pennsylvania.
Key Facts
- Pennsylvania's administrative and waste management services sector accounts for approximately 3% of the state's GDP.
- This industry has experienced steady growth in Pennsylvania over the past decade.
- The administrative and waste management services sector employs over 300,000 workers in Pennsylvania.
FAQs
Q: What does this economic trend measure?
A: This trend measures the contribution of the administrative and support, and waste management and remediation services industry to the gross domestic product (GDP) of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for economists, policymakers, and investors as it provides insight into the performance and importance of a key service sector within Pennsylvania'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 industry accounts.
Q: How is this trend used in economic policy?
A: This trend is used by economists, investors, and policymakers to evaluate the contribution and competitiveness of the administrative and waste management services sector in Pennsylvania.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with potential for some delay in the most recent data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Pennsylvania (PAADMINWASTNGSP), retrieved from FRED.