Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in the District of Columbia
DCPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,595.20
Year-over-Year Change
28.02%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services sector in the District of Columbia. It provides insights into the productivity and growth of this crucial component of 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: Professional and Business Services (54, 55, 56) in the District of Columbia series tracks the inflation-adjusted value-added output of establishments engaged in professional, scientific, technical, management, administrative, and waste management services within the District. This metric is a key indicator of economic activity and competitiveness in the District's service-oriented economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and analysts monitor this trend to understand the performance and competitiveness of the District's professional and business services sector.
Key Facts
- The professional and business services sector accounts for over 30% of DC's GDP.
- This trend has grown by an average of 2.5% annually over the past decade.
- The District's professional services cluster is a key driver of the local economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional and business services sector in the District of Columbia, including industries like accounting, legal services, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: The performance of the professional and business services sector is a critical indicator of the District's economic competitiveness and productivity. Analysts and policymakers use this trend to understand the dynamics of the local economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates for the District of Columbia.
Q: How is this trend used in economic policy?
A: Policymakers and economic development officials monitor this trend to assess the competitiveness and growth of the District's professional services cluster, which is a key driver of the local economy.
Q: Are there update delays or limitations?
A: This data is released quarterly by the Bureau of Economic Analysis, with a lag of approximately 3 months. There may be revisions to past data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in the District of Columbia (DCPROBUSRGSP), retrieved from FRED.