Gross Domestic Product: Educational Services (61) in the Great Lakes BEA Region
GLAKEDCATNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,591.50
Year-over-Year Change
19.21%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product (GDP) for Educational Services (NAICS 61) in the Great Lakes Bureau of Economic Analysis (BEA) Region is an important economic indicator that measures the total value of goods and services produced within this specific industry and geographic area.
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 GDP metric provides insights into the performance and contribution of the educational services sector to the overall economy of the Great Lakes region. It is widely used by economists, policymakers, and industry analysts to evaluate regional economic trends and inform decision-making.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP by industry and regional accounts.
Historical Context
The GDP for Educational Services in the Great Lakes region is a key input for analyzing the health and growth of the regional economy and can inform policy decisions and investment strategies.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
- Educational services account for a significant portion of the region's economic output.
- GDP growth in this sector can indicate changes in employment, investment, and productivity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of goods and services produced by the educational services industry (NAICS 61) within the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This GDP metric provides insights into the performance and contribution of the educational services sector to the overall economy of the Great Lakes region, which is useful for economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP by industry and regional accounts.
Q: How is this trend used in economic policy?
A: The GDP for Educational Services in the Great Lakes region is a key input for analyzing the health and growth of the regional economy and can inform policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and revisions of the U.S. Bureau of Economic Analysis, which may result in periodic update delays or changes to previously reported figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services (61) in the Great Lakes BEA Region (GLAKEDCATNQGSP), retrieved from FRED.