Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Ohio
OHPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
143.49
Year-over-Year Change
60.45%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Ohio measures the real output of this industry sector in the state. It is an important indicator for analyzing economic activity and productivity in Ohio's knowledge-based industries.
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 index tracks changes in the real (inflation-adjusted) value added by the professional, scientific, and technical services sector in Ohio's economy. It is a useful metric for assessing the performance and contributions of this high-skill industry to the state's overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
Policymakers and analysts use this index to monitor the health and competitiveness of Ohio's knowledge-based economy.
Key Facts
- The index has a base year of 2012.
- Ohio's professional services sector accounts for over 7% of the state's GDP.
- The index reached a high of 114.84 in 2019 before declining due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) output of the professional, scientific, and technical services sector in Ohio's economy.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator for evaluating the performance and contributions of Ohio's knowledge-based industries to the state's overall economic growth and productivity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the health and competitiveness of Ohio's knowledge-based economy, which is critical for the state's long-term economic development.
Q: Are there update delays or limitations?
A: The index is published quarterly with a lag, and may be subject to revisions as more complete data becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Ohio (OHPROSCITCHQGSP), retrieved from FRED.