Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the District of Columbia
DCPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,930.10
Year-over-Year Change
63.26%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the District of Columbia measures the economic output of this key sector in the nation's capital. It provides important insights into the health and growth of the region's knowledge-based 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
This data series tracks the total dollar value of goods and services produced by professional, scientific, and technical services industries in the District of Columbia. It is a component of the broader Gross Domestic Product (GDP) metric and is used to analyze trends in the District's knowledge-based economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This economic indicator is closely monitored by policymakers, economists, and investors to gauge the strength of the District of Columbia's professional services sector.
Key Facts
- Professional services account for over 30% of DC's total GDP.
- This sector has grown faster than the overall DC economy in recent years.
- The District of Columbia has the highest concentration of professional services jobs in the U.S.
FAQs
Q: What does this economic trend measure?
A: This data series measures the total economic output or Gross Domestic Product (GDP) of the professional, scientific, and technical services sector in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides valuable insights into the health and growth of the knowledge-based economy in the nation's capital, which is a key driver of overall economic activity in the region.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and investors closely monitor this indicator to assess the strength of the professional services sector and its impact on the broader DC economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in the District of Columbia (DCPROSCITCHNGSP), retrieved from FRED.