Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Ohio
OHPROBUSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49,168.60
Year-over-Year Change
13.19%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product (GDP) for the Professional, Scientific, and Technical Services industry (NAICS sector 54) in Ohio measures the inflation-adjusted economic output of this key 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
This trend provides insight into the performance and growth of Ohio's high-skill, knowledge-based industries, which are critical to the state's economic competitiveness and innovation. It is a valuable indicator for policymakers, businesses, and economic analysts.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Real GDP for this sector is used to assess Ohio's economic health and productivity in advanced, high-value services.
Key Facts
- Ohio's real GDP for professional services was $68.1 billion in 2021.
- This sector accounts for over 10% of Ohio's total real GDP.
- It has grown at an average annual rate of 2.5% since 2010.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted economic output of Ohio's professional, scientific, and technical services industry, which includes fields like legal, accounting, engineering, and computer services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and growth of Ohio's high-skill, knowledge-based industries, which are critical to the state's economic competitiveness and innovation.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Real GDP for this sector is used by policymakers, businesses, and economic analysts to assess Ohio's economic health and productivity in advanced, high-value services.
Q: Are there update delays or limitations?
A: The data is published 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, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Ohio (OHPROBUSRQGSP), retrieved from FRED.