Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Wisconsin
WIMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,681.40
Year-over-Year Change
69.21%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Wisconsin. It provides insight into the performance and growth of this key service sector within 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 Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Wisconsin metric tracks the inflation-adjusted output of a diverse range of professional and technical services, including legal, accounting, architectural, engineering, and other specialized services. This data is used by economists and policymakers to analyze Wisconsin's economic structure and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding Wisconsin's service-based economy and informing economic and workforce development policies.
Key Facts
- This metric covers over 2 million workers in Wisconsin.
- The professional services sector accounts for over 10% of the state's GDP.
- Growth in this industry has outpaced the overall state economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of a key service sector within Wisconsin's economy, which is crucial for economic analysis and policymaking.
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 principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to understand Wisconsin's economic structure and development, which can inform policies related to workforce, business growth, and regional economic strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency, and there may be lags in the most recent data availability.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Wisconsin (WIMISCPRORGSP), retrieved from FRED.