Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Arkansas
ARPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,772.30
Year-over-Year Change
74.30%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) for the professional, scientific, and technical services industry in Arkansas. It is an important indicator of economic activity and productivity in 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 real GDP for professional, scientific, and technical services in Arkansas reflects the total output of this industry, adjusted for inflation. It is used by economists and policymakers to analyze trends in this major component of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and surveys.
Historical Context
Trends in this series can inform decisions around economic development, workforce planning, and policy priorities in Arkansas.
Key Facts
- Arkansas's professional services sector accounts for over 10% of the state's GDP.
- This industry has seen steady growth in real output over the past decade.
- Professional, scientific, and technical services represent a high-skill, high-wage part of Arkansas's economy.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) for the professional, scientific, and technical services industry in Arkansas.
Q: Why is this trend relevant for users or analysts?
A: Trends in this industry's real GDP provide important insights into the productivity and economic health of a key sector in Arkansas.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and surveys.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to inform decisions around economic development, workforce planning, and policy priorities in Arkansas.
Q: Are there update delays or limitations?
A: There may be lags of several months in the availability of this data due to the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Arkansas (ARPROSCITCHRGSP), retrieved from FRED.