Real Gross Domestic Product: Social Assistance (624) in Alabama
ALSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
971.60
Year-over-Year Change
29.36%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the social assistance industry in Alabama. It provides important insights into the state's economic activity and performance 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: Social Assistance (624) in Alabama metric tracks the inflation-adjusted output of the social assistance industry, which includes organizations providing individual and family services, community food and housing, and emergency and relief services. This data offers valuable context on the health and growth of Alabama's social services sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator is closely monitored by policymakers, analysts, and industry stakeholders to assess the state's social services infrastructure and identify trends impacting vulnerable populations.
Key Facts
- Alabama's social assistance GDP totaled $6.7 billion in 2021.
- The sector accounts for 2.4% of the state's total economic output.
- Real social assistance GDP grew by 3.2% in Alabama from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real (inflation-adjusted) gross domestic product of the social assistance industry in Alabama, including organizations providing individual and family services, community food and housing, and emergency and relief services.
Q: Why is this trend relevant for users or analysts?
A: This data offers valuable insights into the health and growth of Alabama's social services sector, which is a critical component of the state's overall economic infrastructure and supports vulnerable populations.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This economic indicator is closely monitored by policymakers, analysts, and industry stakeholders to assess the state's social services infrastructure and identify trends impacting vulnerable populations.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Alabama (ALSOCASSRGSP), retrieved from FRED.