Real Gross Domestic Product: Educational Services (61) in South Carolina
SCEDCATRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,945.00
Year-over-Year Change
12.57%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Educational Services (61) in South Carolina measures the economic output of the educational services industry in the state, adjusted for inflation. This metric is important for economists and policymakers to understand the productivity and growth trends in this key 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
The Real Gross Domestic Product: Educational Services (61) in South Carolina represents the total inflation-adjusted economic output of businesses and organizations engaged in providing education services within the state. This data is a valuable indicator of the relative performance and contributions of the education industry to the broader state economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level income and output statistics.
Historical Context
Trends in this metric are closely monitored by state government agencies and education stakeholders to inform policy decisions and funding priorities.
Key Facts
- South Carolina's educational services industry accounts for over 5% of the state's GDP.
- The sector has experienced steady growth of around 2% annually over the past decade.
- Education is a major employer in the state, accounting for over 100,000 jobs.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Educational Services (61) in South Carolina measures the total inflation-adjusted economic output of the education industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the productivity and growth of the education sector, which is a key part of South Carolina's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level income and output statistics.
Q: How is this trend used in economic policy?
A: Trends in this metric are closely monitored by state government agencies and education stakeholders to inform policy decisions and funding priorities.
Q: Are there update delays or limitations?
A: The 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, Real Gross Domestic Product: Educational Services (61) in South Carolina (SCEDCATRGSP), retrieved from FRED.