Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Illinois
ILPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102,538.00
Year-over-Year Change
15.72%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product of the professional, scientific, and technical services industry in Illinois. It provides insight into the economic activity and productivity of this key 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 (GDP) for the professional, scientific, and technical services industry in Illinois tracks the total value of goods and services produced by this sector. It is an important indicator of economic performance and can inform policy decisions related to this industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and analysts use this trend to monitor the health and competitiveness of Illinois' professional services industry.
Key Facts
- Illinois' professional services GDP was $117.3 billion in 2021.
- This sector accounts for over 12% of Illinois' total economic output.
- The professional services industry grew 3.2% in Illinois in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic performance and productivity of a key industry in Illinois, which is crucial for policymakers, businesses, and investors.
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: Policymakers and analysts use this trend to monitor the health and competitiveness of Illinois' professional services industry, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Illinois (ILPROBUSNQGSP), retrieved from FRED.