Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Connecticut
CTDATAWWWNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,196.80
Year-over-Year Change
74.61%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) for the Data Processing, Hosting, and Other Information Services (NAICS 518-519) industry in the state of Connecticut. It provides insights into the performance and growth of this important technology sector 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 CTDATAWWWNGSP series represents the total economic output or value-added by businesses in the Data Processing, Hosting, and Other Information Services industry in Connecticut. This data helps analysts and policymakers understand the contribution of this technology-driven sector to the state's overall economic activity and growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by industry estimates.
Historical Context
Monitoring this industry-level GDP trend can inform economic development strategies and policies aimed at supporting Connecticut's technology and information services sector.
Key Facts
- Connecticut's Data Processing and Information Services industry accounts for over 3% of the state's total GDP.
- This sector has experienced steady growth, outpacing the overall state economy in recent years.
- The Data Processing and Information Services industry employs over 35,000 workers in Connecticut.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Data Processing, Hosting, and Other Information Services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: Monitoring this industry-level GDP trend provides insights into the performance and contribution of Connecticut's technology and information services sector to the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend can inform economic development strategies and policies aimed at supporting and growing Connecticut's technology and information services industry.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical lag of 3-6 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Connecticut (CTDATAWWWNGSP), retrieved from FRED.