Gross Domestic Product: Health Care and Social Assistance (62) in North Carolina
NCHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,006.90
Year-over-Year Change
93.16%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Health Care and Social Assistance (62) in North Carolina measures the economic output of the health care and social assistance sector in the state. This trend is important for understanding the role of the health industry in North Carolina's economy.
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 gross domestic product, or total economic output, specifically for the health care and social assistance industry in North Carolina. It provides insight into the size and growth of this critical sector, which is a major employer and driver of economic activity in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and industry analysts use this metric to assess the health and competitiveness of North Carolina's health care market.
Key Facts
- North Carolina's health care GDP was $91.6 billion in 2021.
- The health care sector accounts for 10.7% of North Carolina's total economic output.
- This industry has grown by 4.2% annually on average over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) or economic output of the health care and social assistance industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the size, growth, and economic significance of North Carolina's health care sector, which is a major part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the health and competitiveness of North Carolina's health care market and inform policy decisions.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Health Care and Social Assistance (62) in North Carolina (NCHLTHSOCASSNGSP), retrieved from FRED.