Gross Domestic Product: Administrative and Support Services (561) in the District of Columbia
DCADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,853.00
Year-over-Year Change
65.41%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the District of Columbia. It provides insights into the economic activity and productivity of this important service 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 DCADMINSUPNGSP series tracks the total value of goods and services produced by the administrative and support services industry in Washington, D.C. This data is used by economists and policymakers to analyze the District's economic composition, growth, and competitiveness in this key service area.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state and industry statistics.
Historical Context
This economic indicator helps inform policy decisions and market analysis related to the District of Columbia's service economy and business environment.
Key Facts
- The administrative and support services industry accounts for over 17% of D.C.'s total GDP.
- This sector has seen steady growth over the past decade, outpacing the national average.
- Washington, D.C. is a hub for government, legal, and professional services firms.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the economic activity and productivity of a key service sector in Washington, D.C., helping to inform policy decisions and market analysis.
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 GDP by state and industry statistics.
Q: How is this trend used in economic policy?
A: This economic indicator helps inform policy decisions and market analysis related to the District of Columbia's service economy and business environment.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other GDP by industry statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in the District of Columbia (DCADMINSUPNGSP), retrieved from FRED.