Gross Domestic Product: Professional and Business Services (54, 55, 56) in Connecticut
CTPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45,277.80
Year-over-Year Change
57.50%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) of the professional and business services sector in Connecticut. It provides insight into the economic performance and growth of this key industry within 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 professional and business services sector includes a wide range of industries such as legal services, accounting, management consulting, and administrative support. This GDP series tracks the total economic output of these services in Connecticut, which is an important indicator of the state's economic health and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and businesses use this trend to understand Connecticut's economic landscape and make informed decisions.
Key Facts
- Connecticut's professional and business services sector accounts for over 20% of the state's GDP.
- This sector has seen steady growth in recent years, outpacing the overall state economy.
- The largest components are legal services, management consulting, and administrative support.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional and business services sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic performance and growth of a key industry within Connecticut, which is important for policymakers and businesses to understand the state's economic landscape.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to make informed decisions about Connecticut's economic environment and competitiveness.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, but there may be some delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Connecticut (CTPROBUSNGSP), retrieved from FRED.