Gross Domestic Product: Social Assistance (624) in Arkansas
ARSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,512.70
Year-over-Year Change
60.31%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the social assistance industry in Arkansas. It provides insights into the economic output and growth of this critical 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 social assistance industry includes organizations that provide a variety of social services to individuals, such as childcare, elderly care, and community support. This GDP series is used by economists and policymakers to analyze the health and performance of this industry within the Arkansas economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP reporting.
Historical Context
This metric is relevant for understanding the economic conditions and policy needs of the social assistance sector in Arkansas.
Key Facts
- Social assistance GDP in Arkansas was $4.6 billion in 2021.
- This industry accounts for 3.2% of the state's total GDP.
- The social assistance sector grew by 4.1% in Arkansas from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the social assistance industry in the state of Arkansas. It quantifies the economic output and activity of organizations providing social services.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and contribution of the social assistance sector to the Arkansas economy. It provides insights that can inform policy decisions and investments in this critical industry.
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 comprehensive GDP reporting for industries and regions across the country.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this GDP data to assess the economic conditions and growth of the social assistance industry in Arkansas. It can inform decisions about funding, regulations, and support for this sector.
Q: Are there update delays or limitations?
A: The GDP data for the social assistance industry in Arkansas is typically published with a lag of several months. There may also be revisions to historical data as the Bureau of Economic Analysis refines its estimates.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Arkansas (ARSOCASSNGSP), retrieved from FRED.