Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in the District of Columbia
DCPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
116.85
Year-over-Year Change
26.70%
Date Range
1/1/1997 - 1/1/2024
Summary
This index measures the real output of the professional, scientific, and technical services sector in the District of Columbia. It is an important indicator of economic activity and productivity in the nation's capital.
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 for Real GDP: Professional, Scientific, and Technical Services (54) in the District of Columbia provides a measure of the real, inflation-adjusted output of this key economic sector. It is used by economists and policymakers to track productivity and growth trends in the District's knowledge-based economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using official GDP statistics.
Historical Context
This index informs analysis of the District's economic performance and policy decisions affecting the professional services industry.
Key Facts
- The professional services sector accounts for over 30% of the District's GDP.
- This index has shown steady growth since the 2008-2009 recession.
- 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 index measures the real, inflation-adjusted output 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 index is an important indicator of productivity and growth in the District's knowledge-based economy, informing economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using official GDP statistics.
Q: How is this trend used in economic policy?
A: This index is used by economists and policymakers to track the performance of the professional services industry and its impact on the District of Columbia's economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical delay of 3 months.
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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 (DCPROSCITCHQGSP), retrieved from FRED.