Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Southeast BEA Region
SESTPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
509,626.80
Year-over-Year Change
25.93%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product (GDP) for the Professional, Scientific, and Technical Services (54) industry in the Southeast BEA Region measures the economic output of this critical sector. This trend provides valuable insights into the region's knowledge-based 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 industry includes a diverse range of activities, such as legal services, accounting, engineering, and computer systems design. Tracking this industry's GDP helps analysts and policymakers understand the region's competitiveness and innovation capacity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on industry-level production and price information.
Historical Context
This GDP trend is used to assess the Southeast region's economic performance and competitiveness compared to national trends.
Key Facts
- The Professional, Scientific, and Technical Services industry accounts for over 9% of the Southeast region's GDP.
- This industry has experienced steady growth in the Southeast, outpacing the national average in recent years.
- The region's expertise in fields like information technology and engineering contribute to its strong performance in this sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Professional, Scientific, and Technical Services industry in the Southeast BEA Region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and competitiveness of the knowledge-based services sector in the Southeast region, which is crucial for understanding the region's overall economic development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on industry-level production and price information.
Q: How is this trend used in economic policy?
A: This GDP trend is used by economists, policymakers, and market analysts to assess the Southeast region's economic performance and competitiveness compared to national trends, which can inform economic development strategies and investment decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months. The regional-level data may have larger sampling errors compared to national-level statistics.
Related Trends
Real Gross Domestic Product: Manufacturing (31-33) in the Southeast BEA Region
SESTMANRGSP
Gross Domestic Product: Warehousing and Storage (493) in the Southeast BEA Region
SESTWARESTORNGSP
Real Gross Domestic Product: All Industry Total in the Southeast BEA Region
SESTRQGSP
Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in the Southeast BEA Region
SESTAGRRQGSP
Real Gross Domestic Product: Utilities (22) in the Southeast BEA Region
SESTUTILRQGSP
Real Gross Domestic Product: Wood Product Manufacturing (321) in the Southeast BEA Region
SESTWPMANRGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Southeast BEA Region (SESTPROBUSNQGSP), retrieved from FRED.