Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in South Dakota
SDPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,733.50
Year-over-Year Change
86.18%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in South Dakota measures the inflation-adjusted economic output of the professional, business, and administrative services sectors in 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
This economic indicator provides insight into the performance and growth of a critical segment of South Dakota's economy, which includes industries like legal services, accounting, management consulting, and administrative support.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is used by policymakers, businesses, and economists to assess the state's economic conditions and competitiveness.
Key Facts
- South Dakota's professional and business services sector accounts for over 15% of the state's GDP.
- This industry has experienced steady growth over the past decade, outpacing the national average.
- The sector employs more than 80,000 workers in South Dakota.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the real, inflation-adjusted gross domestic product (GDP) of the professional, business, and administrative services sectors in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of a critical segment of South Dakota's economy, which can inform business decisions, economic policy, and assessments of the state's overall competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists use this metric to evaluate the state's economic conditions and inform decisions related to economic development, workforce planning, and investments in the professional services sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 3-6 months. There may be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in South Dakota (SDPROBUSRGSP), retrieved from FRED.