Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Illinois
ILEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100,817.40
Year-over-Year Change
62.26%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance sectors in Illinois. It is an important indicator of the economic activity and employment in these key industries.
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 Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Illinois series tracks the total value of goods and services produced by these sectors in the state. It provides insight into the health and growth of these major components of the Illinois economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using economic surveys and administrative records.
Historical Context
This trend is closely monitored by policymakers, investors, and analysts to understand the performance and outlook of Illinois' education, healthcare, and social services industries.
Key Facts
- Illinois' education, healthcare, and social assistance sectors account for over 16% of the state's GDP.
- Employment in these industries grew by 5.2% in Illinois over the past 5 years.
- The COVID-19 pandemic had a significant impact on this sector, causing a 7.1% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance sectors in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of key industries that are major employers and contributors to the Illinois economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using economic surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers, investors, and analysts closely monitor this trend to understand the outlook for Illinois' education, healthcare, and social services industries, which are critical to the state's economic well-being.
Q: Are there update delays or limitations?
A: There is typically a 3-month delay in the release of this data, and it may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Illinois (ILEDHLTHSOCASSNGSP), retrieved from FRED.