Gross Domestic Product: Educational Services (61) in Maryland
MDEDCATNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,791.70
Year-over-Year Change
39.15%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Educational Services (61) in Maryland measures the economic output of the education sector in the state. This trend is important for understanding the role of education in Maryland's economy and economic policymaking.
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
This series tracks the value added by the educational services industry, which includes public and private schools, colleges, universities, and training programs, to Maryland's overall gross domestic product. It provides insight into the size and growth of the education sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry estimates.
Historical Context
Policymakers and analysts use this trend to assess the economic importance of the education sector and inform decisions around funding, regulation, and investments.
Key Facts
- Maryland's education sector accounted for $17.6 billion in GDP in 2021.
- The education industry makes up approximately 4.2% of Maryland's total GDP.
- Between 2011 and 2021, Maryland's education GDP grew by 22.6%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the educational services industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic importance of the education sector in Maryland, which is crucial for policymaking, investment, and understanding the state's economic composition.
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 by industry estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the economic significance of the education industry and inform decisions around funding, regulation, and investments in Maryland's education system.
Q: Are there update delays or limitations?
A: The data is typically released with a delay of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services (61) in Maryland (MDEDCATNGSP), retrieved from FRED.