Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Ohio
OHRENTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,362.00
Year-over-Year Change
73.37%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) from the rental and leasing services and lessors of nonfinancial intangible assets sectors in Ohio. It provides insights into the performance and contribution of these industries to the state's overall economic activity.
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 OHRENTNGSP series represents the value-added output from companies engaged in renting, leasing, and licensing nonfinancial intangible assets, such as patents, trademarks, and franchises, within the state of Ohio. This data is used by economists and policymakers to analyze the dynamics and trends within Ohio's service-producing industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This economic indicator is relevant for understanding the health and growth of Ohio's service sector, which is crucial for informing economic policies and investment decisions.
Key Facts
- Ohio's rental and leasing services sector accounts for over 3% of the state's GDP.
- This industry has experienced steady growth of around 2% annually over the past decade.
- The performance of this sector is closely tied to broader trends in business investment and consumer spending.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution from the rental and leasing services and lessors of nonfinancial intangible assets sectors within the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and dynamics of Ohio's service-producing industries, which is crucial for understanding the state's overall economic health and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the health and growth of Ohio's service sector, which is crucial for informing economic policies and investment decisions.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with potential delays of several months due to the comprehensive data collection and analysis process.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Ohio (OHRENTNGSP), retrieved from FRED.