Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Indiana
INPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26,672.10
Year-over-Year Change
118.78%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in Indiana. It provides insight into the economic performance 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 professional, scientific, and technical services industry encompasses a wide range of high-skilled occupations such as legal services, accounting, engineering, computer systems design, and management consulting. This GDP series is a valuable indicator of the overall health and growth of this important part of Indiana's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Policymakers and business leaders use this trend to assess the competitive position and economic outlook for Indiana's professional services sector.
Key Facts
- Indiana's professional services GDP was $25.8 billion in 2021.
- This sector accounts for over 8% of Indiana's total economic output.
- GDP in Indiana's professional services grew by 3.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: The professional services sector is a key driver of economic growth and innovation. Tracking this GDP trend provides insight into the performance and competitiveness of this important industry within Indiana.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this GDP trend to assess the competitive position and economic outlook for Indiana's professional services sector, which informs economic development strategies and investment decisions.
Q: Are there update delays or limitations?
A: The GDP data for Indiana's professional services is published annually with a lag of several months, so there may be delays in accessing the most current information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Indiana (INPROSCITCHNGSP), retrieved from FRED.