Gross Domestic Product: Private Industries in the District of Columbia
DCPINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
128,788.60
Year-over-Year Change
75.90%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Industries in the District of Columbia measures the total economic output of private businesses located in the District of Columbia. This metric is crucial for understanding the health and growth of the District's private 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
This series tracks the total value added by private industries in the District of Columbia, such as finance, professional services, and real estate. It provides insights into the District's economic composition and competitiveness compared to other regions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
Policymakers and businesses use this metric to gauge the District's economic performance and inform investment and development decisions.
Key Facts
- The District of Columbia's GDP from private industries was $165 billion in 2021.
- Professional and business services account for the largest share of private industry GDP in the District.
- The District's private sector GDP has grown by an average of 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added by private industries located in the District of Columbia, providing insights into the size and composition of the District's private sector economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the health and growth of the District's private sector, which is a key driver of overall economic performance and a major focus for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to gauge the District's economic performance and inform investment and development decisions that support the growth of the private sector.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the release of the latest data, and the data may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in the District of Columbia (DCPINGSP), retrieved from FRED.