Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina
NCPROBUSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60,616.40
Year-over-Year Change
16.45%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic indicator measures the real, inflation-adjusted gross domestic product (GDP) of the professional, scientific, and technical services industry in North Carolina. It provides insights into the performance and productivity of this key sector of 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 Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina series tracks the output of businesses engaged in professional, scientific, and technical activities, such as legal services, accounting, engineering, and consulting. This data is used by policymakers and analysts to assess the health and growth of this critical industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is closely monitored by state economic development agencies and private-sector analysts to inform investment decisions and policy initiatives.
Key Facts
- North Carolina's professional services sector accounts for over 12% of the state's total GDP.
- This industry has experienced steady growth, with real output increasing by 25% over the past decade.
- Professional, scientific, and technical services are a major driver of innovation and productivity in the state's economy.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the real, inflation-adjusted gross domestic product (GDP) of the professional, scientific, and technical services industry in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and productivity of a crucial sector of North Carolina's economy, informing policymakers and private-sector decision-makers.
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: State economic development agencies and private-sector analysts closely monitor this metric to inform investment decisions and policy initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 2-3 months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina (NCPROBUSRQGSP), retrieved from FRED.