Gross Domestic Product: Educational Services (61) in Connecticut
CTEDCATNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,548.00
Year-over-Year Change
58.42%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the Educational Services (61) sector in Connecticut measures the total economic output of this industry within the state. It provides insight into the performance and contribution of the education sector to Connecticut's overall economic activity.
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 for Educational Services (61) in Connecticut represents the value added by educational institutions, including public and private schools, colleges, and universities, to the state's economy. This metric is used by economists and policymakers to analyze the role of the education industry in Connecticut's economic growth and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting principles.
Historical Context
This trend is relevant for understanding the economic impact of the education sector and informing policy decisions related to education funding, investment, and workforce development in Connecticut.
Key Facts
- Connecticut's Educational Services GDP was $12.5 billion in 2021.
- The education sector accounts for approximately 3.5% of Connecticut's total GDP.
- GDP for Educational Services in Connecticut has grown by 2.8% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the Educational Services (61) sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the economic importance and performance of the education industry in Connecticut, which can inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the role of the education sector in Connecticut's economic growth and development, and to inform decisions related to education funding, investment, and workforce development.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services (61) in Connecticut (CTEDCATNGSP), retrieved from FRED.