Real Gross Domestic Product: Administrative and Support Services (561) in Montana
MTADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,442.90
Year-over-Year Change
54.68%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) for administrative and support services (NAICS 561) in the state of Montana. It provides insight into the economic performance and productivity of this key service sector in the state.
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 Montana series tracks the inflation-adjusted economic output of businesses providing administrative and support services, such as office administration, facilities support, and business support services, within the state. This metric is used by economists and policymakers to analyze the health and competitiveness of Montana's service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in administrative and support services GDP are relevant for understanding the broader service-sector dynamics and competitiveness within the Montana economy.
Key Facts
- Montana's administrative and support services GDP totaled $3.2 billion in 2021.
- This sector accounts for over 6% of Montana's total economic output.
- Real administrative services GDP grew by 3.2% in Montana in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the administrative and support services sector (NAICS 561) in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: Trends in administrative and support services GDP provide insight into the health and competitiveness of this key service sector within the Montana 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: Analysts and policymakers use this metric to understand service-sector dynamics and competitiveness within the Montana economy.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Bureau of Economic Analysis with a typical 2-3 month lag.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Montana (MTADMINSUPRGSP), retrieved from FRED.