Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Wisconsin
WIPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,464.30
Year-over-Year Change
73.53%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Wisconsin. It is an important indicator of economic activity and productivity in this key sector.
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 GDP of the professional, scientific, and technical services industry in Wisconsin reflects the inflation-adjusted output of a diverse range of knowledge-based activities, including legal services, accounting, architecture, engineering, computer systems design, and scientific research. This metric is used to assess the health and growth of this high-skilled services industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on industry output measures.
Historical Context
Trends in real GDP for the professional, scientific, and technical services sector provide insights into Wisconsin's economic competitiveness and the state's attractiveness for high-skilled talent and investment.
Key Facts
- The professional, scientific, and technical services industry accounts for over 8% of Wisconsin's total GDP.
- This sector has experienced steady growth, with real GDP increasing by 15% in the past decade.
- Wisconsin ranks among the top 10 states for employment in high-tech professional services occupations.
FAQs
Q: What does this economic trend measure?
A: This series measures the real (inflation-adjusted) gross domestic product of the professional, scientific, and technical services industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and growth of a key high-skilled services sector within Wisconsin's economy, which is important for assessing the state's economic competitiveness and attractiveness for investment and talent.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on industry output measures.
Q: How is this trend used in economic policy?
A: Trends in real GDP for the professional, scientific, and technical services sector can inform policymakers and economic development efforts aimed at supporting Wisconsin's high-skilled services industries and talent base.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
Related Trends
All Employees: Social Assistance in Wisconsin
SMU55000006562400001A
Housing Inventory: Price Reduced Count in Wisconsin
PRIREDCOUWI
All Employees: Education and Health Services: Social Assistance in Wisconsin
SMU55000006562400001
Real Gross Domestic Product: All Industry Total in Wisconsin
WIRQGSP
Employed Involuntary Part-Time for Wisconsin
INVOLPTEMPWI
State Tax Collections: T27 Public Utilities License for Wisconsin
QTAXT27QTAXCAT3WINO
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Wisconsin (WIPROSCITCHRGSP), retrieved from FRED.