Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Tennessee
TNRENTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,090.10
Year-over-Year Change
181.49%
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 (NAICS sectors 532-533) in the state of Tennessee. It provides insights into the performance of these service-based industries and their contribution to the overall state 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 TNRENTNGSP series represents the value-added output of establishments primarily engaged in renting, leasing, or otherwise allowing the use of tangible or intangible assets. This data is used by economists and policymakers to analyze the health and growth of the service sector in Tennessee and its role in the state's economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Historical Context
This trend is relevant for understanding the broader economic conditions and policy decisions affecting the service industry in Tennessee.
Key Facts
- Tennessee's rental and leasing services GDP was $7.2 billion in 2020.
- This sector accounts for 2.2% of Tennessee's total GDP.
- The rental and leasing services GDP in Tennessee has grown by 22% over the past 10 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 (NAICS 532-533) in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of the rental and leasing services industry to Tennessee's overall economy, which is valuable for economists, policymakers, and businesses operating in the state.
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 GDP by state program.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the health and growth of the service sector in Tennessee and inform decisions affecting the broader economic environment.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as the broader GDP by state program, which may result in some delay between the reference period and data availability.
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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 Tennessee (TNRENTNGSP), retrieved from FRED.