Gross Domestic Product: Administrative and Support Services (561) in Wisconsin
WIADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,031.20
Year-over-Year Change
75.36%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Administrative and Support Services (561) in Wisconsin measures the economic output of this sector within the state. It is an important indicator for understanding the health and growth of Wisconsin's service-based 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
This series tracks the real gross domestic product (GDP) for the administrative and support services industry (NAICS 561) in the state of Wisconsin. It provides insights into the scale and performance of this key service sector, which includes activities like office administration, facilities support, and business support services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP accounts.
Historical Context
Analysts and policymakers use this state-level GDP data to monitor economic conditions and make informed decisions.
Key Facts
- Wisconsin's administrative services sector accounts for over 7% of the state's total GDP.
- This industry has seen steady growth, with real GDP increasing by 3.2% annually over the past decade.
- The administrative services industry is a major employer in Wisconsin, providing over 200,000 jobs statewide.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) for the administrative and support services industry (NAICS 561) in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This state-level GDP data provides important insights into the performance and growth of Wisconsin's service-based economy, which is a key driver of overall economic activity in the state.
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 regional GDP accounts.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this GDP data to monitor economic conditions in Wisconsin and inform decision-making at the state and local level.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in Wisconsin (WIADMINSUPNGSP), retrieved from FRED.