Gross Domestic Product: Health Care and Social Assistance (62) in Arizona
AZHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47,559.90
Year-over-Year Change
111.08%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the gross domestic product (GDP) of the health care and social assistance sector in Arizona. It provides insights into the economic contribution and performance of this key industry within the state.
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 health care and social assistance sector encompasses a wide range of services, including hospitals, nursing and residential care facilities, and social assistance programs. This GDP series is a valuable indicator of the sector's economic activity and growth trends in Arizona.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists monitor this trend to assess the health and resilience of Arizona's health care industry and its role in the broader state economy.
Key Facts
- The health care and social assistance sector accounts for over 12% of Arizona's GDP.
- This GDP series has shown steady growth in recent years, reflecting the expanding importance of the industry.
- Arizona's health care GDP per capita is higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) of the health care and social assistance sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and contribution of Arizona's health care industry, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the health and resilience of Arizona's health care industry and its role in the broader state economy.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for minor revisions over time.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Health Care and Social Assistance (62) in Arizona (AZHLTHSOCASSNGSP), retrieved from FRED.