Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina
NCPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
63,204.60
Year-over-Year Change
151.51%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in North Carolina. It provides insight into the performance and contribution of this key sector to 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 professional, scientific, and technical services industry includes a wide range of high-skill, knowledge-intensive activities such as legal services, accounting, architecture, engineering, and scientific research. This GDP series tracks the overall economic output of this industry within North Carolina, offering valuable data for policymakers and analysts.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This economic indicator is closely monitored by economists and policymakers to assess the strength and competitiveness of North Carolina's knowledge-based economy.
Key Facts
- North Carolina's professional services industry accounts for over 12% of the state's total GDP.
- This sector has seen steady growth, outpacing the overall state economy in recent years.
- High-skill jobs in professional services pay 40% more on average than other private-sector positions in North Carolina.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insight into the performance and economic contribution of North Carolina's knowledge-based industries, which are crucial for the state's overall competitiveness and economic development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is closely monitored by policymakers and economists to assess the strength and growth of North Carolina's professional services sector, which is a key driver of the state's knowledge-based economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, reflecting the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in North Carolina (NCPROSCITCHNGSP), retrieved from FRED.