Real Gross Domestic Product: Social Assistance (624) in Arizona
AZSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,828.50
Year-over-Year Change
85.03%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the social assistance industry in the state of Arizona. It is an important indicator of the economic health and productivity of 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 Gross Domestic Product: Social Assistance (624) in Arizona series tracks the inflation-adjusted output of businesses and organizations providing social assistance services within the state. This metric is widely used by economists and policymakers to analyze the performance and growth of Arizona's social services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Historical Context
Trends in social assistance GDP provide insights into the state's healthcare, social services, and non-profit sectors, informing policy decisions and market analysis.
Key Facts
- Arizona's social assistance GDP was $7.9 billion in 2021.
- This sector has grown by 23% over the past 5 years.
- The social assistance industry accounts for 3.2% of Arizona's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the social assistance industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: Trends in social assistance GDP provide important insights into the performance and growth of a key sector of Arizona's economy, informing policy decisions and market analysis.
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 standards.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to analyze the healthcare, social services, and non-profit sectors in Arizona, supporting informed decisions on industry regulation, funding, and development.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Arizona (AZSOCASSRGSP), retrieved from FRED.