Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Illinois
ILADMINWASTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33,616.00
Year-over-Year Change
32.52%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the administrative and support and waste management and remediation services industry in Illinois. It provides insights into the performance and growth of this crucial service sector in 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 and Waste Management and Remediation Services (56) in Illinois series tracks the inflation-adjusted output of this industry, which includes activities such as office administration, facility support services, waste collection, and remediation. This data is used by economists and policymakers to analyze the health and contribution of this service sector to the overall Illinois economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This economic trend is relevant for understanding the performance of the service industry and its implications for the broader Illinois economy.
Key Facts
- Illinois accounts for 4.2% of total U.S. GDP in this industry.
- The administrative and support services sector employs over 425,000 people in Illinois.
- This industry has grown by 12.5% in real terms over the past 5 years in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the administrative and support and waste management and remediation services industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and growth of a crucial service sector in the Illinois economy, which is important for understanding overall economic conditions and trends.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the health and contribution of the administrative and support services industry to the Illinois economy, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Illinois (ILADMINWASTRGSP), retrieved from FRED.