Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Illinois
ILPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
88,992.80
Year-over-Year Change
47.67%
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 industry in Illinois. It provides insight into the economic performance and contribution 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 real GDP of the professional, scientific, and technical services industry in Illinois represents the inflation-adjusted value added by this sector to the state's overall economic output. This metric is used by economists and policymakers to analyze productivity, competitiveness, and structural changes within the Illinois economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Historical Context
Trends in professional and technical services GDP are monitored for their implications on employment, investment, and the state's overall economic health.
Key Facts
- Illinois is a national leader in professional and technical services.
- This sector accounts for over 10% of Illinois' total economic output.
- The real GDP of professional services has grown faster than overall state GDP in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real 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 metric provides insight into the productivity and economic contribution of a key sector in Illinois, which is important for understanding the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Q: How is this trend used in economic policy?
A: Trends in professional and technical services GDP are monitored by economists and policymakers for their implications on employment, investment, and the state's overall economic health.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Illinois (ILPROSCITCHRGSP), retrieved from FRED.