Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Hawaii
HIPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,811.90
Year-over-Year Change
43.47%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services sector in Hawaii. It is an important indicator of economic activity and productivity in a key service industry.
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 Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Hawaii metric tracks the inflation-adjusted total output of businesses in this sector, which includes legal services, accounting, architecture, engineering, and other knowledge-based industries. It provides insight into the state's economic composition and competitiveness.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using various economic surveys and models.
Historical Context
Policymakers and economists monitor this trend to assess the health and growth of Hawaii's service-oriented economy.
Key Facts
- Hawaii's professional services sector accounts for over 12% of state GDP.
- This industry has experienced steady growth of around 2-3% annually in recent years.
- The COVID-19 pandemic temporarily disrupted the sector but it has since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the professional, scientific, and technical services sector in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and growth of a key services industry in Hawaii's economy, which is useful for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using various economic surveys and statistical models.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the competitiveness and productivity of Hawaii's service-oriented economy and make informed decisions.
Q: Are there update delays or limitations?
A: There may be some lags in data availability, but the U.S. Federal Reserve provides timely updates of this metric through their FRED database.
Related Trends
Average Hourly Earnings of All Employees: Education and Health Services: Private Education and Health Services in Hawaii
SMU15000006500000003
Per Capita Personal Income in Hawaii
HIPCPI
Gross Domestic Product: Real Estate and Rental and Leasing (53) in Hawaii
HIRERENTLEANQGSP
Housing Inventory: Average Listing Price Year-Over-Year in Hawaii
AVELISPRIYYHI
Real Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii
HIFOODDPRGSP
Poverty Universe, Age 0-17 for Hawaii
PUA0T17HI15000A647NCEN
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Hawaii (HIPROSCITCHRGSP), retrieved from FRED.