Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Alabama
ALADMINWASTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,067.20
Year-over-Year Change
88.01%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the administrative, support, waste management, and remediation services sector in the state of Alabama. It provides insight into the performance and relative importance of this industry 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 ALADMINWASTNGSP series tracks the value added to Alabama's GDP by establishments primarily engaged in activities such as office administration, facility support services, waste collection, treatment and disposal, and environmental remediation services. This data helps analysts and policymakers understand the size and economic impact of this services-oriented industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry estimates.
Historical Context
This trend is used by economists, businesses, and government agencies to assess the health and growth of Alabama's service sector and make informed decisions about economic and regulatory policies.
Key Facts
- Alabama's administrative and waste services sector contributed $7.7 billion to state GDP in 2021.
- This industry accounted for 3.4% of Alabama's total GDP in 2021.
- The sector grew by 5.2% in 2021 after a 1.1% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the administrative, support, waste management, and remediation services sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and relative importance of the services-oriented administrative and waste management industry within Alabama's economy, which is useful for economic analysis and policy decisions.
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 their state-level GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists, businesses, and government agencies to assess the health and growth of Alabama's service sector and make informed decisions about economic and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published annually by the Bureau of Economic Analysis, so there may be a delay of several months between the end of the reference year and the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Alabama (ALADMINWASTNGSP), retrieved from FRED.