Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in South Carolina
SCSECCOMINVNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,190.10
Year-over-Year Change
142.48%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) generated by the securities, commodity contracts, and other financial investments and related activities (NAICS 523) industry in South Carolina. It provides insight into the financial services sector's contribution to the state's economic output.
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 for NAICS 523 in South Carolina represents the total value of goods and services produced by businesses primarily engaged in securities, commodity contracts, and other financial investments and related activities. This metric is used by economists and policymakers to analyze the role of the financial services industry in the state's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP by industry estimates.
Historical Context
This trend is relevant for understanding the importance of the financial services sector to South Carolina's economy and can inform policy decisions related to economic development and industry regulation.
Key Facts
- South Carolina's GDP for NAICS 523 was $13.4 billion in 2021.
- The financial services sector accounted for 6.2% of South Carolina's total GDP in 2021.
- This industry's GDP in South Carolina has grown by 26% since 2016.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the securities, commodity contracts, and other financial investments and related activities (NAICS 523) industry in South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the financial services sector's contribution to South Carolina's overall economic output, which is useful for economists and policymakers analyzing the state's economic performance 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 as part of its regional GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend can inform policy decisions related to economic development and industry regulation in South Carolina, as it highlights the importance of the financial services sector to the state's overall economy.
Q: Are there update delays or limitations?
A: The GDP data for NAICS 523 in South Carolina is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in South Carolina (SCSECCOMINVNGSP), retrieved from FRED.