Real Gross Domestic Product: Administrative and Support Services (561) in South Carolina
SCADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,665.50
Year-over-Year Change
29.95%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support services industry in South Carolina. It provides insights into the productivity and growth of this important sector of the state's economy.
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 Real Gross Domestic Product: Administrative and Support Services (561) in South Carolina series tracks the inflation-adjusted output of the administrative and support services industry, which includes activities such as office administration, facilities support, and business support services. This data is used by economists and policymakers to analyze the state's economic performance and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the broader economic conditions and policy decisions affecting South Carolina's business environment and labor market.
Key Facts
- South Carolina's administrative and support services industry accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- The data is released quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted 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: This data provides insights into the productivity and performance of an important service sector in South Carolina's economy, which is useful for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding broader economic conditions and policy decisions affecting South Carolina's business environment and labor market.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with typical publication delays of several weeks.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in South Carolina (SCADMINSUPRGSP), retrieved from FRED.