Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Alabama
ALPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,145.80
Year-over-Year Change
90.01%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) for the professional, scientific, and technical services industry (NAICS 54) in the state of Alabama. It provides important insights into the economic performance of this key sector.
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 professional, scientific, and technical services industry encompasses a wide range of knowledge-intensive activities, including legal services, accounting, engineering, computer systems design, and scientific research. Tracking the GDP of this sector helps analysts and policymakers understand broader economic trends and the drivers of growth in Alabama.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Historical Context
This metric is widely used by economists, businesses, and government agencies to gauge the health and competitiveness of Alabama's knowledge-based economy.
Key Facts
- Alabama's professional services GDP was $16.8 billion in 2021.
- This sector accounts for 8.4% of Alabama's total economic output.
- GDP in professional services grew 3.2% in Alabama from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the professional, scientific, and technical services industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of this key sector provides important insights into the performance and competitiveness of Alabama's knowledge-based economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This metric is widely used by economists, businesses, and government agencies to gauge the health and growth potential of Alabama's professional services industry.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of each quarter.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Alabama (ALPROSCITCHNGSP), retrieved from FRED.