Gross Domestic Product: Finance and Insurance (52) in Colorado
COFININSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,321.20
Year-over-Year Change
99.41%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Finance and Insurance (52) in Colorado measures the economic output of the finance and insurance sector in the state. It is a key indicator of the health and performance of Colorado's financial industry.
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
This series represents the total value added by the finance and insurance sector to Colorado's overall gross domestic product. It provides insights into the state's financial services ecosystem and its contribution to the broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
Policymakers and economists use this trend to assess the competitive position and growth potential of Colorado's financial industry.
Key Facts
- Colorado's finance and insurance sector accounts for over 6% of the state's GDP.
- The industry has experienced steady growth, outpacing the national average.
- The financial services hub in Denver is a major driver of the state's economic performance.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added by the finance and insurance sector to Colorado's gross domestic product, providing insights into the state's financial services industry.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the competitive position and growth potential of Colorado's financial industry, which is a key driver of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the finance and insurance sector's contribution to Colorado's economy and inform decisions related to industry development and regulation.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but there may be a delay of several months before the latest figures are available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance and Insurance (52) in Colorado (COFININSNGSP), retrieved from FRED.