Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware
DEMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,933.40
Year-over-Year Change
19.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Delaware. It provides insights into the economic performance and productivity of this key 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 Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (NAICS 5412-5414, 5416-5419) in Delaware trend tracks the total economic output of various professional, scientific, and technical service industries in the state. This data is used by economists and policymakers to analyze the health and competitiveness of Delaware's knowledge-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP estimates.
Historical Context
This trend is relevant for understanding the role of professional services in Delaware's economy and informing economic policies and business strategies.
Key Facts
- Delaware's GDP for professional services was $9.3 billion in 2021.
- This industry accounts for over 10% of Delaware's total economic output.
- The professional services sector has seen steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in the state of Delaware.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of Delaware's knowledge-based professional services sector, which is an important component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the role of professional services in Delaware's economy and informing economic policies and business strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag, but provides a comprehensive view of the professional services industry in Delaware.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware (DEMISCPRONGSP), retrieved from FRED.