Real Gross Domestic Product: Health Care and Social Assistance (62) in Alabama
ALHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,871.60
Year-over-Year Change
40.82%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the health care and social assistance industry in Alabama. It provides insights into the economic performance and growth of this critical 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 Gross Domestic Product: Health Care and Social Assistance (62) in Alabama series tracks the inflation-adjusted value added by the health care and social assistance industry to the state's overall economic output. This metric is used by economists and policymakers to analyze the health and productivity of Alabama's health services sector.
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 role of the health care industry in Alabama's economy and can inform policy decisions related to health care workforce, infrastructure, and service delivery.
Key Facts
- Alabama's health care and social assistance sector accounts for over 13% of the state's total GDP.
- This industry has seen steady growth, with a 3.2% average annual increase in real GDP over the past decade.
- The health care and social assistance sector is one of the largest employers in Alabama, accounting for over 15% of the state's total jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the health care and social assistance industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and growth of Alabama's critical health care and social assistance sector, which is important for understanding the state's overall economic health and informing policy decisions.
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 the role of the health care industry in Alabama's economy and can inform policy decisions related to health care workforce, infrastructure, and service delivery.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Alabama (ALHLTHSOCASSRGSP), retrieved from FRED.