Gross Domestic Product: Professional and Business Services (54, 55, 56) in Indiana
INPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48,414.70
Year-over-Year Change
100.84%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Professional and Business Services (54, 55, 56) in Indiana measures the economic output of these key industries in the state. This data is vital for understanding Indiana's economic performance and growth.
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 value added by professional, scientific, technical, management, administrative, and waste management services industries in Indiana. It provides insight into a major component of the state's economy and service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Historical Context
Policymakers and analysts use this data to assess the health and competitiveness of Indiana's professional services industries.
Key Facts
- Indiana's professional and business services sector accounts for over 15% of state GDP.
- This industry group has seen steady growth of around 3% annually in recent years.
- The professional services industry is a major employer in Indiana, providing over 500,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by professional, scientific, technical, management, administrative, and waste management services industries in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This data provides critical insights into a major component of Indiana's economy and service sector, enabling analysis of the state's economic performance and competitiveness in these key professional services industries.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the health and growth of Indiana's professional services industries, which are vital for the state's overall economic performance and competitiveness.
Q: Are there update delays or limitations?
A: There may be some delays in data availability, as this series is published as part of the Bureau of Economic Analysis's state-level GDP accounts.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Indiana (INPROBUSNGSP), retrieved from FRED.