Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Pennsylvania
PADATAWWWNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,633.10
Year-over-Year Change
147.66%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the data processing, hosting, and other information services (NAICS 518-519) industry in Pennsylvania. It provides insights into the economic performance and growth of this critical technology sector within the state.
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 PADATAWWWNGSP series tracks the total value of goods and services produced by Pennsylvania's data processing, hosting, and other information services industry. This metric is used by economists and policymakers to analyze the state's economic composition, industry competitiveness, and technology-sector development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by state program.
Historical Context
Trends in this industry's GDP are closely monitored by state governments and technology companies to inform economic and workforce development policies.
Key Facts
- Pennsylvania's data and information services industry accounts for over 3% of the state's total GDP.
- This sector has experienced consistent annual growth of 5-7% over the past decade.
- The industry employs more than 80,000 workers across Pennsylvania.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the data processing, hosting, and other information services industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and growth of Pennsylvania's critical technology sector, which is closely monitored by economists, policymakers, and industry stakeholders.
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 its GDP by state program.
Q: How is this trend used in economic policy?
A: Trends in this industry's GDP are used by state governments and technology companies to inform economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Pennsylvania (PADATAWWWNGSP), retrieved from FRED.