Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in South Dakota
SDDATAWWWNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
190.00
Year-over-Year Change
379.80%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator tracks the gross domestic product (GDP) of the data processing, hosting, and other information services industry (NAICS 518-519) in South Dakota. It provides insights into the performance and growth of this key technology-driven sector within 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 Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in South Dakota metric measures the total value of goods and services produced by this industry in the state. It is a critical indicator for understanding the scale and importance of the information technology and digital services sector to South Dakota's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is widely used by policymakers, economists, and industry analysts to assess the competitive position and growth trajectory of South Dakota's tech-driven services sector.
Key Facts
- South Dakota's data processing and hosting GDP was $1.3 billion in 2021.
- This industry accounts for 2.9% of the state's total economic output.
- GDP in this sector grew by 8.2% in South Dakota between 2020 and 2021.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the gross domestic product (GDP) of the data processing, hosting, and other information services industry (NAICS 518-519) in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and growth of a key technology-driven sector within South Dakota's economy, which is crucial for understanding the state's economic composition and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This metric is widely used by policymakers, economists, and industry analysts to assess the competitive position and growth trajectory of South Dakota's tech-driven services sector, which informs economic development strategies and investments.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in South Dakota (SDDATAWWWNGSP), retrieved from FRED.