Real Gross Domestic Product: Administrative and Support Services (561) in Illinois
ILADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,909.00
Year-over-Year Change
44.46%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the administrative and support services industry in Illinois. It provides important insights into the health and performance of this key service sector within the state's 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: Administrative and Support Services (561) in Illinois series tracks the inflation-adjusted economic output of businesses engaged in administrative and support services, such as office administration, hiring and employment services, and business support activities. This metric helps analysts and policymakers understand trends in a critical component of Illinois' service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounts methodologies.
Historical Context
This economic indicator is widely used by government agencies, research institutions, and private sector analysts to assess the state of Illinois' administrative and support services industry and its broader economic conditions.
Key Facts
- Illinois' administrative and support services industry accounts for over 5% of the state's GDP.
- This sector has seen steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic temporarily disrupted activity in this industry but it has since rebounded.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) of the administrative and support services industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and performance of a key service sector within Illinois' economy, helping analysts and policymakers assess broader economic conditions.
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 accounts methodologies.
Q: How is this trend used in economic policy?
A: This economic indicator is widely used by government agencies, research institutions, and private sector analysts to assess the state of Illinois' administrative and support services industry and its broader economic conditions.
Q: Are there update delays or limitations?
A: The data is updated regularly by the federal statistical agencies, though there may be some delays in publication due to standard data collection and processing timelines.
Related Trends
All Employees: Mining, Logging, and Construction in Illinois
SMS17000001500000001
Transportation Carbon Dioxide Emissions, LPG (Fuel Use) for Illinois
EMISSCO2VHLACBILA
All Employees: Manufacturing: Non-Durable Goods: Plastics and Rubber Products Manufacturing in Illinois
SMU17000003232600001SA
All Employees: Government: U.S. Postal Service in Illinois
SMU17000009091912001
Real Personal Income: Metropolitan Portion for Illinois
ILMPRPI
All Employees: Financial Activities: Rental and Leasing Services in Illinois
SMU17000005553200001SA
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Illinois (ILADMINSUPRGSP), retrieved from FRED.