Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in South Dakota
SDRENTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
603.30
Year-over-Year Change
333.09%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the rental and leasing services and lessors of nonfinancial intangible assets sectors in South Dakota. It provides insights into the performance and contribution of these industries to the state's overall economic activity.
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 GDP of rental and leasing services and lessors of nonfinancial intangible assets represents the value-added output generated by companies engaged in renting, leasing, and licensing intangible assets in South Dakota. This data is used by economists and policymakers to analyze the economic health and trends within these service-oriented industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
This economic indicator is relevant for understanding the broader trends in South Dakota's service sector and its contribution to the state's overall economic performance.
Key Facts
- South Dakota's rental and leasing services GDP was $1.3 billion in 2020.
- This sector accounts for approximately 2% of South Dakota's total GDP.
- The GDP of this industry has grown by 4.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the rental and leasing services and lessors of nonfinancial intangible assets sectors in South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and contribution of the rental and leasing services industries to South Dakota's overall economic activity, which is useful for economists and policymakers analyzing the state's economic trends.
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 state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the broader trends in South Dakota's service sector and its contribution to the state's overall economic performance, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as the Bureau of Economic Analysis's state-level GDP estimates.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in South Dakota (SDRENTNGSP), retrieved from FRED.