Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the District of Columbia
DCMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,181.20
Year-over-Year Change
86.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) originating from miscellaneous professional, scientific, and technical services in the District of Columbia. It is an important indicator of economic activity and productivity in the region's 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 DCMISCPRONGSP series tracks the value-added GDP contribution of establishments engaged in legal services, accounting, architectural, engineering, and related services, specialized design services, computer systems design and related services, management and technical consulting services, and scientific research and development services within Washington, D.C.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the national GDP accounts.
Historical Context
This metric is closely monitored by policymakers, economists, and businesses to assess the health and growth of the District of Columbia's professional services industry.
Key Facts
- Washington, D.C. is a major hub for professional services firms.
- This industry accounts for a significant portion of the District's GDP.
- The trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) originating from miscellaneous professional, scientific, and technical services in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely monitored by policymakers, economists, and businesses to assess the health and growth of the District of Columbia's professional services industry, which is a key driver of the region's economy.
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 the national GDP accounts.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and market analysts to understand the performance and competitive position of the District of Columbia's professional services sector.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with typical release delays of 1-2 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the District of Columbia (DCMISCPRONGSP), retrieved from FRED.