Gross Domestic Product: Professional and Business Services (54, 55, 56) in Alabama
ALPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33,265.00
Year-over-Year Change
86.77%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Professional and Business Services (54, 55, 56) in Alabama measures the economic output of the professional, business, and administrative services sectors in the state. This metric is important for understanding the health and growth of Alabama's service-based 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
This series tracks the total value added by industries classified under the North American Industry Classification System (NAICS) as professional, scientific, and technical services (NAICS 54), management of companies and enterprises (NAICS 55), and administrative and support and waste management and remediation services (NAICS 56) in the state of Alabama.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to gauge the performance and competitiveness of Alabama's service-based industries.
Key Facts
- Alabama's professional and business services sector accounts for over 20% of its total GDP.
- This industry group has seen steady growth of over 3% annually in recent years.
- The COVID-19 pandemic had a significant negative impact on this sector in Alabama.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total economic output or value added by industries classified as professional, scientific, technical, management, administrative, and support services in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the health and competitiveness of Alabama's service-based economy, which is a critical driver of economic growth and employment 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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the performance and competitiveness of Alabama's service industries, informing decisions around economic development, workforce planning, and regulatory policies.
Q: Are there update delays or limitations?
A: This data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Alabama (ALPROBUSNGSP), retrieved from FRED.