Real Gross Domestic Product: Administrative and Support Services (561) in Massachusetts
MAADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,051.90
Year-over-Year Change
44.26%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the administrative and support services industry in Massachusetts. It provides insights into the economic performance and productivity of this key service 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 Gross Domestic Product: Administrative and Support Services (561) in Massachusetts tracks the inflation-adjusted economic output of businesses providing administrative and support services, such as office administration, facilities support, and employment services. This metric is used to assess the health and growth of this industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
This trend is closely monitored by policymakers, economists, and business leaders to understand broader economic conditions and inform decisions related to investment, employment, and industry regulation.
Key Facts
- Massachusetts is a leading state for administrative and support services.
- This industry accounts for over 7% of the state's total economic output.
- The sector has experienced steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the administrative and support services industry in Massachusetts, providing insights into the economic performance and productivity of this key service sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is closely monitored by policymakers, economists, and business leaders to understand broader economic conditions and inform decisions related to investment, employment, and industry regulation.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and institutions to assess the health and growth of the administrative and support services industry within Massachusetts, informing decisions related to investment, employment, and industry regulation.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the U.S. Bureau of Economic Analysis, which may result in slight delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Massachusetts (MAADMINSUPRGSP), retrieved from FRED.