Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Alabama
ALEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,118.00
Year-over-Year Change
71.90%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) contribution of the educational services, health care, and social assistance sectors in Alabama. It provides insight into the economic importance of these key industries in the state.
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 GDP of the educational services, health care, and social assistance sectors represents the total value added by these industries to Alabama's overall economic output. This metric is used by economists and policymakers to analyze the relative strength and economic significance of these vital service sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and administrative records.
Historical Context
This trend is relevant for understanding the composition and dynamics of Alabama's economy, as well as informing policy decisions related to these service industries.
Key Facts
- Alabama's educational services, health care, and social assistance sectors account for over 20% of the state's GDP.
- This trend has shown steady growth over the past decade, reflecting the expanding role of these industries in the state's economy.
- The health care and social assistance subsector is the largest component, contributing around 75% of the total GDP for this industry group.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the educational services, health care, and social assistance sectors in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic significance of these key service industries in Alabama, which are important for understanding the composition and dynamics of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and administrative records.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists to inform decisions related to the educational services, health care, and social assistance sectors in Alabama.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but may be subject to revision and reporting lags common for economic statistics.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Alabama (ALEDHLTHSOCASSNGSP), retrieved from FRED.