Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in the District of Columbia
DCPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
119.78
Year-over-Year Change
5.74%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in the District of Columbia measures the inflation-adjusted output of the professional, scientific, and technical services industry in Washington D.C. This metric is a key 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 Chain-Type Quantity Index tracks changes in the real, inflation-adjusted value of goods and services produced by the professional, scientific, and technical services industry in the District of Columbia. This data helps economists and policymakers assess trends in this important economic sector, which includes legal, accounting, consulting, and R&D services.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
This series is used to monitor the health and growth of the professional services industry, which is a major driver of economic activity and employment in the Washington D.C. metro area.
Key Facts
- The professional services industry accounts for over 20% of D.C.'s GDP.
- The index has grown by over 50% since 2005, outpacing national trends.
- Legal services make up the largest component of this index.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in the District of Columbia measures the inflation-adjusted output and productivity of the professional services industry in Washington D.C.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the health and growth of a critical sector of the D.C. economy, helping economists, policymakers, and businesses assess economic conditions and opportunities.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to track changes in the real, inflation-adjusted value of professional services output.
Q: How is this trend used in economic policy?
A: This data is used by policymakers, analysts, and businesses to monitor trends and make informed decisions about investment, hiring, and economic development strategies in the District of Columbia.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately 2-3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in the District of Columbia (DCPROBUSQQGSP), retrieved from FRED.