Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Southeast BEA Region
SESTPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
455,432.20
Year-over-Year Change
87.06%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in the Southeast region of the United States. It is an important indicator of economic activity and productivity in this key service 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 GDP for professional, scientific, and technical services in the Southeast region reflects the total inflation-adjusted value of goods and services produced by this industry. It is a critical measure for understanding the region's economic performance and competitiveness in this high-skill, knowledge-based sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price indexes.
Historical Context
Policymakers and analysts use this metric to assess the health and growth of the Southeast's knowledge economy.
Key Facts
- The Southeast region accounts for over 20% of U.S. professional services GDP.
- Real professional services GDP grew by 3.2% annually in the Southeast from 2010-2020.
- The professional services industry makes up nearly 15% of total economic output in the Southeast.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in the Southeast region of the United States.
Q: Why is this trend relevant for users or analysts?
A: The real GDP for professional services in the Southeast is a critical indicator of economic activity and productivity in this key high-skill, knowledge-based sector.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price indexes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and growth of the Southeast's knowledge economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a few months' lag.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the Southeast BEA Region (SESTPROSCITCHRGSP), retrieved from FRED.