Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Pennsylvania
PAEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
129,370.90
Year-over-Year Change
67.79%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance sectors in Pennsylvania. It provides insight into the size and performance of these critical industries within the state'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
The GDP of the educational services, health care, and social assistance sectors in Pennsylvania represents the total value of goods and services produced by these industries. This metric is used by economists and policymakers to analyze the relative strength and contribution of these sectors to the state's overall economic growth and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP estimates.
Historical Context
This trend is closely monitored by government officials, industry analysts, and investors to understand the dynamics of Pennsylvania's service-based economy.
Key Facts
- Pennsylvania's educational services, health care, and social assistance sectors account for over 20% of the state's GDP.
- This trend has shown steady growth over the past decade, reflecting the increasing importance of these industries in the state's economy.
- The health care sector is the largest component, contributing nearly two-thirds of the total GDP for this trend.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance sectors in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and contribution of these key service-based industries to Pennsylvania's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Government officials, industry analysts, and investors closely monitor this trend to understand the dynamics of Pennsylvania's service-based economy and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published regularly by the BEA, but may be subject to revisions and updates as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Pennsylvania (PAEDHLTHSOCASSNGSP), retrieved from FRED.