Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the District of Columbia
DCMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,851.20
Year-over-Year Change
61.04%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in the District of Columbia. It provides insight into the productivity and growth of this important service sector within 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 Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the District of Columbia series tracks the inflation-adjusted output of a diverse set of professional services, including legal, accounting, architectural, and engineering activities. This data is a key indicator of economic performance and competitiveness in the nation's capital.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting practices.
Historical Context
Policymakers and economists monitor this trend to understand the health and dynamics of the District's professional services sector and its contribution to the overall economy.
Key Facts
- The professional services industry accounts for over 20% of D.C.'s GDP.
- This sector has seen steady growth over the past decade.
- D.C. has the highest concentration of professional service jobs of any U.S. metro area.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product of the miscellaneous professional, scientific, and technical services industry in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the productivity and growth of a key service sector that is critical to the District of Columbia's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting practices.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to understand the health and dynamics of the District's professional services sector and its contribution to the overall economy.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag, and may be subject to revisions as more information becomes available.
Related Trends
All Employees: Government in District of Columbia
DCGOVT
Gross Domestic Product: Administrative and Support Services (561) in the District of Columbia
DCADMINSUPNGSP
All Employees: Education and Health Services: Private Colleges, Universities, and Professional Schools in District of Columbia
SMU11000006561130001
Monthly State Retail Sales: Total Retail Sales Excluding Nonstore Retailers in District of Columbia
MSRSDCTOTAL
Coefficient for Commercial Carbon Dioxide Emissions, LPG (Fuel Use) for District of Columbia
EMISSCO2CHLCCBDCA
Average Hourly Earnings of All Employees: Trade, Transportation, and Utilities in the District of Columbia
SMU11000004000000003A
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the District of Columbia (DCMISCPRORGSP), retrieved from FRED.