Real Gross Domestic Product: Health Care and Social Assistance (62) in Minnesota
MNHLTHSOCASSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40,949.70
Year-over-Year Change
11.07%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the health care and social assistance sector in Minnesota. It is a key indicator of economic activity and productivity in this vital industry.
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 Gross Domestic Product: Health Care and Social Assistance (62) in Minnesota metric tracks the inflation-adjusted output and growth of Minnesota's health care and social assistance industry. It is a useful measure for analyzing the state's economic performance and competitiveness in this crucial sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-specific price deflators.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic development officials to inform decisions and policies affecting Minnesota's health care infrastructure and labor market.
Key Facts
- Minnesota's health care and social assistance sector accounts for over 10% of the state's total GDP.
- This industry has seen steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic significantly impacted this sector, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real (inflation-adjusted) gross domestic product of the health care and social assistance industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: The health care and social assistance sector is a critical component of Minnesota's economy, and this trend provides valuable insight into the industry's performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-specific price deflators.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and economic development officials closely monitor this trend to inform decisions and policies affecting Minnesota's health care infrastructure and labor market.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Minnesota (MNHLTHSOCASSRQGSP), retrieved from FRED.