Gross Domestic Product: Waste Management and Remediation Services (562) in Ohio
OHWASTENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,173.70
Year-over-Year Change
119.33%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Waste Management and Remediation Services (562) in Ohio measures the economic output of the waste management and remediation services industry in the state. This metric is crucial for policymakers and economists to understand the waste management sector's contribution to Ohio's overall economic activity.
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 economic trend represents the inflation-adjusted value added by the waste management and remediation services industry (NAICS 562) to Ohio's gross domestic product. It provides insights into the size and performance of this key infrastructure sector, which is essential for environmental sustainability and public health.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and industry analysts use this metric to monitor the economic health of the waste management sector and inform decisions related to environmental regulations, infrastructure investments, and economic development strategies.
Key Facts
- Ohio's waste management and remediation services industry contributes over $2 billion to the state's GDP.
- The sector has experienced steady growth, with a 3.2% annual increase in real GDP over the past decade.
- Waste management is a key component of Ohio's circular economy, supporting sustainability and job creation.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value added by the waste management and remediation services industry (NAICS 562) to Ohio's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and contribution of the waste management sector, which is crucial for environmental sustainability, public health, and infrastructure planning.
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-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to monitor the economic health of the waste management sector and inform decisions related to environmental regulations, infrastructure investments, and economic development strategies.
Q: Are there update delays or limitations?
A: The 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, Gross Domestic Product: Waste Management and Remediation Services (562) in Ohio (OHWASTENGSP), retrieved from FRED.