Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Alabama
ALADMINWASTNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,138.40
Year-over-Year Change
18.14%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) contribution of the administrative and support and waste management and remediation services industry in Alabama. It provides insights into a 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 Administrative and Support and Waste Management and Remediation Services (NAICS 56) industry includes a range of essential business and environmental services. Tracking this GDP component helps economists and policymakers understand the health and composition of Alabama's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP reporting.
Historical Context
This metric informs economic analysis and policy decisions related to Alabama's business and environmental services industries.
Key Facts
- Alabama's administrative and waste services GDP was $8.7 billion in 2021.
- This industry accounted for 3.1% of the state's total GDP in 2021.
- The sector has grown at an average annual rate of 2.5% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the administrative and support and waste management and remediation services industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: Tracking this GDP component provides insights into the health and composition of Alabama's service-based economy, which is crucial information for economic analysis and policy decisions.
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 its comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: This metric informs economic analysis and policy decisions related to Alabama's business and environmental services industries.
Q: Are there update delays or limitations?
A: The data is published with the timeliness and frequency of the broader GDP reporting from the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Alabama (ALADMINWASTNQGSP), retrieved from FRED.