Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Connecticut
CTEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,209.90
Year-over-Year Change
57.75%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance sectors in Connecticut. It provides insights into the performance and growth of these critical industries 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 Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Connecticut series tracks the total value of goods and services produced by these industries, which are major contributors to the state's economic activity. Analyzing this data helps policymakers and economists understand the economic health and trends in these sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This trend is widely used by government agencies, research institutions, and businesses to inform economic policy decisions and investment strategies.
Key Facts
- Connecticut's educational services, health care, and social assistance sectors account for over 20% of the state's GDP.
- This industry group has shown steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on these sectors, leading to temporary declines in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance sectors in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and growth of these critical industries within Connecticut's economy, which are important for policymakers, businesses, and researchers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is widely used by government agencies, research institutions, and businesses to inform economic policy decisions and investment strategies related to the education, healthcare, and social assistance sectors in Connecticut.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with some potential for minor revisions over time. There may be occasional delays in data availability due to the complexity of the calculations.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Connecticut (CTEDHLTHSOCASSNGSP), retrieved from FRED.