Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Arizona
AZPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,678.90
Year-over-Year Change
83.95%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services sector in Arizona. It provides insights into the productivity and output of this key industry within the state's 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
The Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Arizona series tracks the inflation-adjusted economic output of firms engaged in professional, scientific, technical, management, administrative, and waste management services in the state. It is a valuable indicator of Arizona's business activity and competitiveness in these high-value service sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
This economic trend is closely monitored by policymakers, businesses, and analysts to understand Arizona's economic performance and competitiveness.
Key Facts
- Arizona's professional and business services sector accounts for over 20% of the state's GDP.
- This industry has experienced steady growth, outpacing the overall state economy in recent years.
- The performance of this sector is closely tied to the state's attractiveness for high-skilled talent and business investment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the professional and business services sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the productivity and competitiveness of a key industry within Arizona's economy, which is important for understanding the state's overall economic performance and growth prospects.
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 methods.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, businesses, and analysts to assess Arizona's economic performance and competitiveness in high-value service sectors, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The 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, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Arizona (AZPROBUSRGSP), retrieved from FRED.