Gross Domestic Product: Professional and Business Services (54, 55, 56) in the District of Columbia
DCPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45,254.90
Year-over-Year Change
64.55%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Professional and Business Services (54, 55, 56) in the District of Columbia' measures the economic output of a key sector in the nation's capital. This data provides insights into the health and growth of the District's professional services industries.
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 economic indicator tracks the real gross domestic product (GDP) contribution of the professional, scientific, technical, management, administrative, and waste services industries located in the District of Columbia. It is an important measure of the capital region's knowledge-based economy and economic diversification.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry income and expenditure surveys.
Historical Context
This GDP data informs policymakers and investors about the economic performance and competitiveness of the District of Columbia's professional services sector.
Key Facts
- Professional and business services account for over 30% of DC's GDP.
- This sector grew by 2.5% in 2021 after a pandemic-related decline.
- The District of Columbia has the highest concentration of professional jobs of any U.S. state or territory.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the real gross domestic product (GDP) of the professional, scientific, technical, management, administrative, and waste services industries located in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the health and competitiveness of the District of Columbia's knowledge-based economy, which is a key driver of the region's economic growth and employment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry income and expenditure surveys.
Q: How is this trend used in economic policy?
A: This GDP data informs policymakers and investors about the performance and competitiveness of the District of Columbia's professional services sector, which is critical for understanding the region's economic development and competitiveness.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in the District of Columbia (DCPROBUSNGSP), retrieved from FRED.