Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Massachusetts
MAPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
140,946.80
Year-over-Year Change
83.62%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) contribution of the professional and business services sector in Massachusetts. It is a key indicator of economic activity and productivity in the state's professional services industry.
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: Professional and Business Services (54, 55, 56) in Massachusetts series tracks the inflation-adjusted value added by establishments engaged in professional, scientific, technical, management, administrative, and waste management services. This metric provides insight into the health and growth of a critical component of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists use this trend to monitor the performance and competitiveness of Massachusetts' professional services sector.
Key Facts
- Massachusetts' professional services industry accounts for over 15% of the state's GDP.
- Real GDP in the professional and business services sector grew by 3.2% in Massachusetts last year.
- The professional services industry employs more than 500,000 workers in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) contribution of the professional and business services sector in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a critical component of Massachusetts' economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor the health and growth of Massachusetts' professional services sector, which is a key driver of the state's economic activity.
Q: Are there update delays or limitations?
A: The data is released quarterly with a slight lag, so there may be a 1-2 quarter delay in the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Massachusetts (MAPROBUSRGSP), retrieved from FRED.