Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in North Carolina
NCPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101,414.80
Year-over-Year Change
95.26%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional and business services sector in North Carolina. It provides insights into the economic performance and productivity of this key industry within 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 GDP of the professional and business services sector in North Carolina is a valuable economic indicator that reflects the overall health and growth of this important industry. It is used by policymakers, economists, and analysts to assess the state's economic conditions and plan appropriate policy responses.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by state and federal policymakers to inform economic and workforce development strategies.
Key Facts
- North Carolina's professional and business services sector accounts for over 20% of the state's GDP.
- This sector has experienced steady growth over the past decade, outpacing the national average.
- The COVID-19 pandemic had a significant impact on this industry, leading to a temporary decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional and business services sector in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and productivity of a key industry within North Carolina, which is useful for policymakers, economists, and analysts in assessing the state's economic conditions.
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: This trend is closely monitored by state and federal policymakers to inform economic and workforce development strategies in North Carolina.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, which may result in slight delays in availability.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in North Carolina (NCPROBUSRGSP), retrieved from FRED.