Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Minnesota
MNDATAWWWNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,873.60
Year-over-Year Change
62.99%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the data processing, hosting, and other information services industry in Minnesota. It provides insights into the performance and growth of this crucial technology sector 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 Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Minnesota series tracks the total value of goods and services produced by this industry in the state. It is an important indicator of the economic health and competitiveness of Minnesota's technology and information services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and industry analysts use this trend to monitor the competitive position and growth potential of Minnesota's information technology and digital services industries.
Key Facts
- Minnesota's data processing and hosting industry contributed $7.8 billion to state GDP in 2021.
- This sector has grown by 42% in the past 5 years, outpacing overall state GDP growth.
- Information services account for over 3% of Minnesota's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the data processing, hosting, and other information services industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of Minnesota's crucial technology and information services sector, which is an important driver of the state's overall economic competitiveness.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this trend to monitor the competitive position and growth potential of Minnesota's information technology and digital services industries, which are key focus areas for economic development.
Q: Are there update delays or limitations?
A: There may be a 3-6 month lag in the availability of the most recent data for this series due to the time required for data collection and reporting by government statistical agencies.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Minnesota (MNDATAWWWNGSP), retrieved from FRED.