Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in the Southeast BEA Region
SESTPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
762,667.90
Year-over-Year Change
77.66%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services industry in the Southeast Bureau of Economic Analysis (BEA) region. It provides insight into the productivity and economic output of this critical sector.
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 Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in the Southeast BEA Region tracks the inflation-adjusted economic output of professional, scientific, technical, management, administrative, and waste services industries in the Southeast United States. This metric is a key indicator of the region's business and economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
This economic trend is widely used by policymakers, economists, and businesses to assess the health and trajectory of the professional services industry in the Southeast.
Key Facts
- The Southeast BEA region includes Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
- Professional and business services account for over 15% of the Southeast region's total GDP.
- This industry sector has shown steady growth in the Southeast over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the professional and business services industry in the Southeast United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and economic output of a critical industry sector in the Southeast region, which is valuable for policymakers, businesses, and economists.
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 methods.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and businesses to assess the health and trajectory of the professional services industry in the Southeast, which informs economic and workforce development strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, with a typical delay of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in the Southeast BEA Region (SESTPROBUSRGSP), retrieved from FRED.