Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Wisconsin
WIADMINWASTNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,175.40
Year-over-Year Change
21.40%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the Gross Domestic Product (GDP) of the Administrative and Support and Waste Management and Remediation Services (NAICS sector 56) industry in the state of Wisconsin. It provides insights into the performance and contribution of this critical service sector to the state's 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 Administrative and Support and Waste Management and Remediation Services (NAICS 56) industry encompasses a range of activities such as office administration, facility support services, waste collection, and remediation. Tracking the GDP of this sector allows economists and policymakers to assess the health and growth of these essential business services within the Wisconsin economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state and industry statistics.
Historical Context
This economic trend is used by analysts, businesses, and policymakers to understand the dynamics and competitiveness of Wisconsin's service sector and its impact on the state's overall economic performance.
Key Facts
- Wisconsin's Administrative and Support and Waste Management sector contributed $17.6 billion to the state's GDP in 2021.
- This industry accounts for over 6% of Wisconsin's total economic output.
- The sector has experienced steady growth, with a 2.5% annual increase in GDP from 2016 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Administrative and Support and Waste Management and Remediation Services (NAICS sector 56) industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of this service sector allows economists and policymakers to assess the health and growth of essential business services within the Wisconsin economy, which is crucial for understanding the state's overall economic performance.
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 comprehensive GDP by state and industry statistics.
Q: How is this trend used in economic policy?
A: This economic trend is used by analysts, businesses, and policymakers to understand the dynamics and competitiveness of Wisconsin's service sector and its impact on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the U.S. Bureau of Economic Analysis, with some inherent delays due to the comprehensive nature of GDP statistics.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Wisconsin (WIADMINWASTNQGSP), retrieved from FRED.