Professional and Technical Services Wages and Salaries in North Carolina
NCWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,940,431.00
Year-over-Year Change
20.95%
Date Range
1/1/1998 - 1/1/2025
Summary
This economic trend measures the average wages and salaries for workers in the professional and technical services industry in North Carolina. It is an important indicator of labor costs and productivity in the state's high-skilled service sector.
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 and Technical Services Wages and Salaries in North Carolina series tracks the average hourly and weekly compensation for employees in occupations such as accounting, architecture, engineering, computer systems design, and scientific research. This data provides insight into the economic health and competitiveness of North Carolina's knowledge-based industries.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Historical Context
Policymakers and businesses use this metric to evaluate North Carolina's ability to attract and retain high-skill talent.
Key Facts
- North Carolina's professional and technical services sector employs over 300,000 workers.
- Wages in this industry have grown by 25% over the past decade.
- The state ranks 5th nationally for employment in professional and technical services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly and weekly wages and salaries for employees in North Carolina's professional and technical services industry, including occupations like accounting, engineering, and scientific research.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the labor costs and productivity of North Carolina's high-skilled service sector, which is important for evaluating the state's economic competitiveness and ability to attract talent.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to assess North Carolina's ability to support and grow its knowledge-based industries by providing a skilled, well-compensated workforce.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in North Carolina (NCWPRO), retrieved from FRED.