Real Gross Domestic Product: Educational Services (61) in Louisiana
LAEDCATRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,681.30
Year-over-Year Change
7.73%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product for the Educational Services sector (NAICS code 61) in Louisiana measures the inflation-adjusted economic output of this industry. It is a key indicator of the health and growth of Louisiana's education-related economic activity.
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 GDP for Educational Services in Louisiana provides a measure of the volume of goods and services produced by this industry, adjusted for price changes. It is used by economists and policymakers to track the contribution of education to the state's overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding Louisiana's economic and workforce development, as well as the role of the education sector in the state's economy.
Key Facts
- Louisiana's Educational Services sector accounts for approximately 3% of the state's total GDP.
- Real GDP for this sector grew by 2.5% in 2021 compared to the previous year.
- The Educational Services industry is one of the largest employers in Louisiana, accounting for over 100,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by the Educational Services sector (NAICS code 61) in the state of Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the contribution of the education industry to Louisiana's overall economic performance and growth.
Q: How is this data collected or calculated?
A: The data is 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 track the role of the education sector in Louisiana's economy and inform decisions related to workforce development, education funding, and economic growth strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag of several quarters, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services (61) in Louisiana (LAEDCATRGSP), retrieved from FRED.