Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Tennessee
TNPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,047.50
Year-over-Year Change
25.86%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the professional, scientific, and technical services sector in Tennessee. It provides insight into the performance and contribution of this key industry 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 professional, scientific, and technical services sector includes a wide range of knowledge-intensive businesses, such as legal services, accounting, consulting, architecture, engineering, and research and development. This GDP metric helps analysts and policymakers understand the strength and growth of this high-skilled, high-productivity segment of the Tennessee economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level economic accounts.
Historical Context
This GDP trend is used to inform economic policy decisions and investment strategies related to Tennessee's professional services sector.
Key Facts
- Tennessee's professional services GDP was $32.7 billion in 2021.
- This sector accounts for over 10% of Tennessee's total economic output.
- The professional services GDP has grown by 24% in Tennessee since 2015.
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 Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This GDP metric provides important insights into the performance and contribution of a key high-skilled, high-productivity industry within the Tennessee economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level economic accounts.
Q: How is this trend used in economic policy?
A: This GDP trend is used to inform economic policy decisions and investment strategies related to Tennessee's professional services sector.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, with the most recent figures typically available within a few months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Tennessee (TNPROBUSNQGSP), retrieved from FRED.