Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Hawaii
HIPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,421.80
Year-over-Year Change
19.62%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Hawaii trend measures the economic output of this sector in the state. It is a key indicator of Hawaii's professional services industry and overall economic health.
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 series tracks the total inflation-adjusted value added by businesses providing professional, scientific, and technical services in Hawaii, such as legal, accounting, architecture, and engineering firms. It is an important gauge of activity and productivity in Hawaii's knowledge-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Economists and policymakers monitor this trend to assess the performance and competitiveness of Hawaii's professional services sector.
Key Facts
- Hawaii's professional services sector accounts for over 12% of the state's total GDP.
- This trend has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic caused a 6.2% decline in Hawaii's professional services GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total output or GDP contributed by the professional, scientific, and technical services industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of Hawaii's knowledge-based economy, which is a key driver of the state's overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the health and development of Hawaii's professional services sector, which informs economic and workforce policies.
Q: Are there update delays or limitations?
A: There is typically a 2-3 month delay in the release of this data by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Hawaii (HIPROBUSNQGSP), retrieved from FRED.