Real Gross Domestic Product: Private Services-Providing Industries in Massachusetts
MAPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
505,634.90
Year-over-Year Change
38.12%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic indicator measures the real gross domestic product (GDP) of private services-providing industries in the state of Massachusetts. It provides insights into the performance and growth of the state's services sector, which is a crucial driver of the Massachusetts economy.
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: Private Services-Providing Industries in Massachusetts trend represents the inflation-adjusted output of the state's private services-providing industries, which include trade, transportation, utilities, information, financial activities, professional and business services, education, health care, and other services. This metric is used by economists and policymakers to assess the health and growth of the Massachusetts economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Historical Context
This trend is closely monitored by state and federal policymakers to inform economic policy decisions and track the performance of the Massachusetts economy.
Key Facts
- Massachusetts is a major economic hub, contributing over $600 billion to the U.S. GDP.
- The services sector accounts for more than 80% of the state's economic output.
- Real GDP growth in Massachusetts has outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of private services-providing industries in the state of Massachusetts, providing insights into the performance and growth of the state's services sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for economists, policymakers, and analysts as it provides a key indicator of the health and growth of the Massachusetts economy, which is heavily reliant on the services sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and federal policymakers to inform economic policy decisions and track the performance of the Massachusetts economy.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Massachusetts (MAPRISERVPRORGSP), retrieved from FRED.