Gross Domestic Product: Insurance Carriers and Related Activities (524) in the District of Columbia
DCINSCRANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,158.00
Year-over-Year Change
84.54%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Insurance Carriers and Related Activities (524) in the District of Columbia measures the economic output of the insurance industry in the nation's capital. This metric is crucial for policymakers and analysts to understand the health and dynamics of 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
This economic trend represents the total value added to GDP by the insurance industry in the District of Columbia, including activities such as underwriting, risk management, and actuarial services. It provides important insights into the strength and competitiveness of the insurance sector within the Washington, D.C. metropolitan area.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through a comprehensive survey of businesses in the insurance industry.
Historical Context
This GDP metric is widely used by economists, market analysts, and policymakers to assess the performance and contribution of the insurance industry to the local economy.
Key Facts
- The insurance industry accounts for over 5% of D.C.'s total GDP.
- Insurance-related activities contributed $5.2 billion to D.C.'s economy in 2021.
- The insurance sector has seen steady growth in the District of Columbia in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added to the Gross Domestic Product (GDP) by the insurance industry, including carriers and related activities, in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the strength and dynamics of the insurance sector within the D.C. economy, which is an important driver of economic activity and employment in the region.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through comprehensive surveys of businesses in the insurance industry.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this GDP metric to assess the performance and contribution of the insurance industry to the local economy, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, 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: Insurance Carriers and Related Activities (524) in the District of Columbia (DCINSCRANGSP), retrieved from FRED.