Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Ohio
OHPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,465.30
Year-over-Year Change
81.01%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the Gross Domestic Product (GDP) for the professional, scientific, and technical services industry in Ohio. It provides insights into the economic performance and growth of this key 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, scientific, and technical services industry encompasses a wide range of knowledge-intensive activities, including legal services, accounting, architecture, engineering, and scientific research. This GDP trend offers a valuable indicator of economic conditions and the relative strength of this important industry within Ohio.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers and economists to assess the health and competitiveness of Ohio's professional services sector.
Key Facts
- Ohio's professional services industry accounts for over 10% of the state's total GDP.
- This sector has seen steady growth in recent years, outpacing the overall state economy.
- The professional services industry is a major employer in Ohio, supporting high-skilled, high-wage jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the professional, scientific, and technical services industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of Ohio's knowledge-intensive professional services sector, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the health and growth of Ohio's professional services industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for slight delays in availability.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Ohio (OHPROSCITCHNGSP), retrieved from FRED.