Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in the District of Columbia
DCEDHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,429.60
Year-over-Year Change
14.58%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the educational services, health care, and social assistance sectors in the District of Columbia. It provides insights into the performance and growth of these key service industries in the local economy.
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: Educational Services, Health Care, and Social Assistance (61, 62) in the District of Columbia series tracks the inflation-adjusted economic output of these critical public and private service sectors. It is a valuable indicator for understanding the broader trends shaping the District's economy and labor market.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
This economic series is used by policymakers, economists, and industry analysts to monitor the health and dynamics of the District's knowledge-based and care economy.
Key Facts
- The educational services, health care, and social assistance sectors account for over 30% of the District's GDP.
- Real GDP in these sectors grew by 2.5% in 2021 after declining in 2020 due to the COVID-19 pandemic.
- The District has a higher concentration of employment in these knowledge-based service industries compared to the national average.
FAQs
Q: What does this economic trend measure?
A: This series tracks the real (inflation-adjusted) gross domestic product of the educational services, health care, and social assistance sectors in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and growth of key service industries that are central to the District's economy and labor market.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this series to monitor the health and dynamics of the District's knowledge-based and care economy.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with potential lags of several months.
Related Trends
All Employees: District of Columbia Government in the District of Columbia
SMU11000009094000101A
Average Weekly Hours of All Employees: Trade, Transportation, and Utilities in District of Columbia
SMU11000004000000002
All Employees: Full-Service Restaurants in the District of Columbia
SMU11000007072251101A
Gross Domestic Product: Transportation and Utilities (22, 48-49) in the District of Columbia
DCTRANSUTILNGSP
All Employees: Other Services in District of Columbia
DCSRVO
Real Gross Domestic Product: Waste Management and Remediation Services (562) in the District of Columbia
DCWASTERGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in the District of Columbia (DCEDHLTHSOCASSRGSP), retrieved from FRED.