Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Alabama
ALPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29,659.50
Year-over-Year Change
58.00%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) for the professional and business services sector in Alabama. It provides insight into the economic performance and growth of this key industry in the state.
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: Professional and Business Services (54, 55, 56) in Alabama is an economic indicator that tracks the inflation-adjusted output of the professional, scientific, technical, management, administrative, and waste services industries in the state. It is a valuable metric for evaluating the health and productivity of this vital service sector.
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 widely used by policymakers, economists, and businesses to assess the economic conditions and growth potential in Alabama's professional and business services industry.
Key Facts
- Alabama's professional and business services sector accounts for over 15% of the state's GDP.
- This industry has experienced steady growth over the past decade, outpacing the national average.
- The professional and business services sector is a major employer in Alabama, providing jobs for over 300,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the professional, scientific, technical, management, administrative, and waste services industries in Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and growth of a crucial service sector in Alabama, which is important for policymakers, businesses, and economists.
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 widely used by policymakers, economists, and businesses to assess the economic conditions and growth potential in Alabama's professional and business services industry, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for delays due to the comprehensive nature of the calculations.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Alabama (ALPROBUSRGSP), retrieved from FRED.