Gross Domestic Product: Administrative and Support Services (561) in South Carolina
SCADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,109.90
Year-over-Year Change
69.54%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of administrative and support services in the state of South Carolina. It provides insight into the performance and contribution of this key service sector 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 administrative and support services industry encompasses a wide range of activities, such as office administration, facilities support, and business support services. Tracking the GDP of this sector gives economists and policymakers a valuable gauge of the state's business climate and service-based economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting.
Historical Context
This economic indicator is used by analysts, investors, and government agencies to assess the health and trajectory of South Carolina's service-based economy.
Key Facts
- South Carolina's administrative and support services GDP was $13.4 billion in 2021.
- This sector accounts for over 6% of the state's total economic output.
- The industry has seen steady growth, expanding by 3.2% annually on average over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the administrative and support services industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of this key service sector provides valuable insights into South Carolina's business climate and overall economic performance.
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 their comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: This indicator is used by analysts, investors, and government agencies to assess the health and trajectory of South Carolina's service-based economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, typically 2-3 months after the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in South Carolina (SCADMINSUPNGSP), retrieved from FRED.