Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Maryland
MDPROBUSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58,331.90
Year-over-Year Change
19.78%
Date Range
1/1/2005 - 1/1/2025
Summary
This series measures the Gross Domestic Product (GDP) of the professional, scientific, and technical services sector in the state of Maryland. It provides key insights into the performance and contribution of this important industry within the state's 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 professional, scientific, and technical services sector includes a wide range of high-skilled occupations, such as legal services, accounting, engineering, computer systems design, and scientific research. This GDP data helps economists and policymakers understand the relative size and growth trends of this sector in Maryland compared to other industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive state-level GDP estimates.
Historical Context
This economic indicator is used by analysts to assess the competitiveness and productivity of Maryland's knowledge-based industries.
Key Facts
- Maryland's professional services sector accounts for over 15% of the state's total GDP.
- This industry has experienced steady growth, outpacing the overall state economy in recent years.
- The professional, scientific, and technical services sector is a key driver of Maryland's innovation economy.
FAQs
Q: What does this economic trend measure?
A: This series measures the Gross Domestic Product (GDP) of the professional, scientific, and technical services sector in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and contribution of Maryland's high-skilled, knowledge-based industries, which are crucial for understanding the state's economic competitiveness and growth potential.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this indicator to assess the strength and growth of Maryland's knowledge-based industries, which are important for the state's economic development and competitiveness strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a typical 2-3 month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Maryland (MDPROBUSNQGSP), retrieved from FRED.