Real Gross Domestic Product: Administrative and Support Services (561) in Arizona
AZADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,551.40
Year-over-Year Change
65.22%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the administrative and support services industry in Arizona. It is an important indicator of economic activity and productivity 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: Administrative and Support Services (561) in Arizona metric tracks the inflation-adjusted output of businesses providing a variety of administrative, clerical, and support services. This data provides insight into the health and growth of this key service sector within the Arizona economy.
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 monitor this trend to understand broader economic conditions and the performance of the administrative services industry in Arizona.
Key Facts
- Arizona's administrative and support services industry accounts for over 5% of the state's total GDP.
- This sector has seen steady growth of around 3% annually over the past decade.
- The COVID-19 pandemic temporarily disrupted the administrative services industry in Arizona.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the administrative and support services industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: The administrative and support services industry is an important component of Arizona's economy, so this metric provides valuable insight into the overall health and productivity of this key sector.
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 monitor this trend to understand broader economic conditions and the performance of the administrative services industry in Arizona, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a 2-3 month delay, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Arizona (AZADMINSUPRGSP), retrieved from FRED.