Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in North Carolina
NCPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
180.45
Year-over-Year Change
16.45%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in North Carolina measures the real output of this industry sector in the state, adjusted for inflation.
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
This index tracks the volume of goods and services produced by professional, scientific, and technical services firms in North Carolina, which includes industries like legal services, accounting, engineering, and consulting. It provides a key indicator of economic activity and productivity in this important part of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to adjust for price changes over time.
Historical Context
This index is closely watched by policymakers and analysts to gauge the health and competitiveness of North Carolina's professional services industry.
Key Facts
- The professional services sector accounts for over 10% of North Carolina's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- Real output in this sector reached a record high in 2021.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of North Carolina's professional, scientific, and technical services sector, which includes industries like legal services, accounting, engineering, and consulting.
Q: Why is this trend relevant for users or analysts?
A: This index provides a key indicator of economic activity and productivity in an important part of North Carolina's economy, and is closely watched by policymakers and analysts to gauge the health and competitiveness of the state's professional services industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: This index is used by policymakers and economists to monitor the performance of North Carolina's professional services industry and inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in North Carolina (NCPROBUSQQGSP), retrieved from FRED.