Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Hawaii
HIPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,981.60
Year-over-Year Change
29.54%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services sector in Hawaii. It provides insights into the productivity and growth of this key industry in the state's 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
The real GDP of the professional and business services sector in Hawaii captures the inflation-adjusted value of economic output from industries such as legal services, accounting, architecture, and administrative support. This metric helps economists and policymakers understand the health and competitiveness of Hawaii's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Tracking this economic trend can inform decisions around workforce development, infrastructure investment, and fiscal policies to support Hawaii's professional services industry.
Key Facts
- Hawaii's professional and business services sector accounts for over 15% of the state's GDP.
- This industry has seen steady growth of around 2-3% annually over the past decade.
- The COVID-19 pandemic temporarily disrupted this sector, but it has since rebounded to pre-pandemic levels.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional and business services sector in the state of Hawaii. It captures the inflation-adjusted economic output of industries like legal services, accounting, and administrative support.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and competitiveness of a key industry in Hawaii's service-based economy. Tracking this trend can inform decisions around workforce development, infrastructure investment, and policies to support the professional services sector.
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 can use this trend to assess the health and growth of Hawaii's professional services industry, which is a significant contributor to the state's overall economic output. This information can inform decisions around workforce development, infrastructure investment, and fiscal policies.
Q: Are there update delays or limitations?
A: The real GDP data for the professional and business services sector in Hawaii is typically published on a quarterly basis with a delay of several months. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Hawaii (HIPROBUSRGSP), retrieved from FRED.