Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Wisconsin
WIPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
153.98
Year-over-Year Change
14.88%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Wisconsin measures the volume of economic output in this key industry over time, providing insights into the state's economic performance.
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
This index tracks changes in the real, inflation-adjusted output of Wisconsin's professional, scientific, and technical services sector, which includes industries like legal services, accounting, architecture, and scientific research. It is a valuable indicator of activity and productivity in the state's knowledge-based economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using detailed industry accounts and national price indices.
Historical Context
This trend is closely monitored by policymakers, analysts, and businesses to assess Wisconsin's economic competitiveness and growth prospects.
Key Facts
- The index is based on 2012 as the reference year (2012=100).
- The professional, scientific, and technical services sector accounts for over 8% of Wisconsin's GDP.
- The index reached a record high of 115.16 in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output or production volume of Wisconsin's professional, scientific, and technical services sector over time.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of Wisconsin's knowledge-based economy, which is a key driver of the state's overall economic growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using detailed industry accounts and national price indices.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses closely monitor this trend to assess Wisconsin's economic competitiveness and growth prospects, informing decisions around investment, workforce development, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Wisconsin (WIPROBUSQQGSP), retrieved from FRED.