Real Gross Domestic Product: Administrative and Support Services (561) in the District of Columbia
DCADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,159.70
Year-over-Year Change
26.79%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the District of Columbia. It provides insights into the productivity and performance of this important service sector in the local 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 GDP data for the administrative and support services industry in DC offers a quantitative assessment of the sector's economic output, adjusted for inflation. This metric is used by economists and policymakers to gauge the health and competitiveness of the local service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methodologies.
Historical Context
This economic indicator is relevant for understanding the broader service industry dynamics and regional economic trends in the District of Columbia.
Key Facts
- The administrative and support services industry accounts for over 17% of DC's total GDP.
- This sector has grown at an average annual rate of 2.8% over the past 5 years.
- Real GDP in this industry reached a record high of $11.6 billion in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real 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 metric provides insights into the productivity and performance of an important service sector in the local DC economy, which is useful for economists and policymakers.
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 methodologies.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the broader service industry dynamics and regional economic trends in the District of Columbia, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 3-month lag, 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: Administrative and Support Services (561) in the District of Columbia (DCADMINSUPRGSP), retrieved from FRED.