Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Illinois
ILFININSREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
238,065.20
Year-over-Year Change
48.94%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) of the finance, insurance, real estate, rental, and leasing sectors in the state of Illinois. It provides insight into the performance and contribution of these key industries to 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 ILFININSREALNGSP series tracks the value added by establishments primarily engaged in finance, insurance, real estate, rental, and leasing activities within Illinois. This data is useful for analyzing the relative economic strength and growth of these service-providing industries at the state level.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
This economic indicator is widely used by policymakers, analysts, and businesses to understand the dynamics of Illinois' economy and its key service sectors.
Key Facts
- Illinois' finance, insurance, real estate, rental, and leasing sectors account for over 20% of the state's GDP.
- This sector has experienced steady growth in Illinois, outpacing the national average in recent years.
- The performance of these service industries is closely tied to the overall health of Illinois' economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) contribution of the finance, insurance, real estate, rental, and leasing sectors in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic performance and growth of key service-providing industries in Illinois, which is valuable for policymakers, businesses, and economists analyzing the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is widely used by policymakers, analysts, and businesses to understand the dynamics of Illinois' economy and its key service sectors, informing decision-making and policy discussions.
Q: Are there update delays or limitations?
A: The data is typically published 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: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Illinois (ILFININSREALNGSP), retrieved from FRED.