Gross Domestic Product: Professional, Scientific, and Technical Services (54) in South Dakota
SDPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,954.90
Year-over-Year Change
131.05%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the professional, scientific, and technical services sector in South Dakota. It provides insight into the productivity and growth of this critical industry 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 professional, scientific, and technical services sector includes a wide range of high-skilled, knowledge-based occupations such as legal services, accounting, architecture, engineering, and scientific research. Tracking the GDP of this sector helps analysts and policymakers understand the overall health and competitiveness of South Dakota's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting.
Historical Context
Monitoring trends in professional services GDP is important for economic planning and policy decisions at the state level.
Key Facts
- South Dakota's professional services GDP was $3.7 billion in 2021.
- This sector accounts for over 8% of the state's total economic output.
- GDP in professional services grew by 4.2% in South Dakota from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional, scientific, and technical services sector in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of the professional services sector provides insight into the productivity and growth of this critical industry within South Dakota's economy, which is important for economic planning and policy decisions at the state level.
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 comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: Monitoring trends in professional services GDP is important for economic planning and policy decisions at the state level, as this sector represents a significant portion of South Dakota's overall economic output.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but may have a delay of several months before the latest figures are available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in South Dakota (SDPROSCITCHNGSP), retrieved from FRED.