Real Gross Domestic Product: Social Assistance (624) in Ohio
OHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,275.20
Year-over-Year Change
23.71%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the social assistance industry in Ohio. It provides insights into the economic performance and contribution of this sector within the state.
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: Social Assistance (624) in Ohio series tracks the inflation-adjusted output of the social assistance industry, which includes organizations providing individual and family services, community food and housing, and emergency and other relief services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts and regional economic data.
Historical Context
Policymakers and analysts use this trend to monitor the economic health and growth of the social assistance industry in Ohio.
Key Facts
- Ohio's social assistance industry accounts for approximately 2% of the state's total GDP.
- Real GDP in the social assistance sector grew by 3.2% in Ohio last year.
- The social assistance industry is a significant employer in Ohio, accounting for over 150,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the social assistance industry in the state of Ohio. It captures the inflation-adjusted economic output of organizations providing individual and family services, community food and housing, and emergency relief.
Q: Why is this trend relevant for users or analysts?
A: The social assistance industry is an important component of Ohio's economy, and this trend provides insights into its performance and growth. Policymakers and analysts can use this data to understand the economic contribution and health of this sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts and regional economic data.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor the economic conditions and growth of the social assistance industry in Ohio, which can inform policy decisions and investments related to social services and community development.
Q: Are there update delays or limitations?
A: The Real Gross Domestic Product: Social Assistance (624) in Ohio data is typically updated on a quarterly basis, with a lag of several months. There may be revisions to historical data as new information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Ohio (OHSOCASSRGSP), retrieved from FRED.