According to BIIA’s contributing editor, Dr. Chris Kuehl, high value services are growing as a percentage of GDP. The high value services category is described as business and professional services and this includes accounting, law, credit management and payroll management. This category now accounts for 12.2% of US GDP. In comparison manufacturing has retreated to 11% of GDP in 2009.
Business has become more complex due to increased regulation, which drives demand for the expertise provided by accountants and lawyers, compliance and financial professionals as well as for the people who manage credit, handle payroll and manage the accounts for business.
Not included in the description of high value services are information professionals. Perhaps we should change our profession.