Real Gross Domestic Product: Real Estate and Rental and Leasing (53) in Illinois
ILRERENTLEARGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
116,997.50
Year-over-Year Change
13.35%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the real estate and rental and leasing sector in Illinois. It provides important insights into the economic performance and growth of this key industry within the state.
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 estate and rental and leasing sector is a crucial component of Illinois' economy, contributing to overall economic activity, employment, and investment. This data series tracks the inflation-adjusted value added by this sector, allowing analysts to assess its relative strength and contribution to the state's GDP.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and businesses use this trend to understand the health and dynamics of Illinois' real estate market and broader economic conditions.
Key Facts
- The real estate and rental and leasing sector accounts for over 12% of Illinois' GDP.
- This trend has grown by an average of 2.5% annually over the past decade.
- The sector employs over 300,000 people in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the real estate and rental and leasing sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and growth of a critical industry within Illinois' economy, allowing policymakers and businesses to better understand economic conditions and make informed decisions.
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 accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to gauge the health and dynamics of Illinois' real estate market and broader economic conditions, informing policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is updated regularly by the Bureau of Economic Analysis, with a typical delay of 2-3 months between the end of a reporting period and the release of the data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Real Estate and Rental and Leasing (53) in Illinois (ILRERENTLEARGSP), retrieved from FRED.