Gross Domestic Product: Professional and Business Services (54, 55, 56) in Hawaii
HIPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,176.30
Year-over-Year Change
56.17%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) of the professional and business services sector in Hawaii, including industries such as legal, accounting, and administrative services.
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 professional and business services sector is a significant contributor to Hawaii's economy, encompassing a wide range of high-skilled, knowledge-intensive industries. This GDP data provides insights into the overall performance and growth of this crucial economic segment.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists analyze this trend to assess the state's economic health and the competitiveness of its professional services industries.
Key Facts
- Hawaii's professional and business services GDP was $14.9 billion in 2021.
- This sector accounts for approximately 15% of Hawaii's total GDP.
- The professional and business services industry has experienced steady growth in Hawaii over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional and business services sector in Hawaii, including industries such as legal, accounting, and administrative services.
Q: Why is this trend relevant for users or analysts?
A: The professional and business services sector is a significant contributor to Hawaii's economy, and this GDP data provides insights into the overall performance and growth of this crucial economic segment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the state's economic health and the competitiveness of its professional services industries.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, with typical update delays of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Hawaii (HIPROBUSNGSP), retrieved from FRED.