Gross Domestic Product: Insurance Carriers and Related Activities (524) in Mississippi
MSINSCRANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,974.50
Year-over-Year Change
97.58%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the insurance carriers and related activities sector (NAICS 524) in Mississippi measures the total economic output of this industry. It provides insights into the health and growth of the state's insurance and financial services sector.
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 GDP series represents the value added by insurance carriers and related activities, such as agencies, brokerages, and other insurance-related businesses, to Mississippi's overall economic production. It is a key indicator of the size and performance of this crucial industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and analysts use this data to assess the economic contribution and trends within Mississippi's insurance industry, which informs decisions around regulation, taxation, and economic development.
Key Facts
- The insurance industry accounts for approximately 3% of Mississippi's GDP.
- This sector has seen steady growth of around 2-3% annually over the past decade.
- Mississippi ranks among the top 20 states for total insurance industry employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the insurance carriers and related activities sector (NAICS 524) within the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the size, growth, and performance of Mississippi's insurance industry, which is a significant contributor to the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the economic contribution and trends within Mississippi's insurance industry, which informs decisions around regulation, taxation, and economic development.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Insurance Carriers and Related Activities (524) in Mississippi (MSINSCRANGSP), retrieved from FRED.