Real Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Connecticut
CTFININSREALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79,337.70
Year-over-Year Change
1.54%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the finance, insurance, real estate, rental, and leasing sectors in the state of Connecticut. It provides important insights into the performance and growth of these key 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 Real Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Connecticut metric tracks the inflation-adjusted economic output of these vital service sectors in the state. It is a valuable indicator for understanding the relative strength and contribution of these industries to Connecticut's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic trend is closely monitored by policymakers, analysts, and businesses to assess the health and competitiveness of Connecticut's finance, insurance, and real estate markets.
Key Facts
- Connecticut's finance, insurance, and real estate sectors account for over 25% of the state's GDP.
- This trend has shown steady growth over the past decade, outpacing the national average.
- The COVID-19 pandemic had a significant impact on these industries in Connecticut, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the finance, insurance, real estate, rental, and leasing sectors in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of these key service industries within Connecticut's economy, which are crucial for understanding the state's overall economic activity and competitiveness.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This economic trend is closely monitored by policymakers, analysts, and businesses to assess the health and competitiveness of Connecticut's finance, insurance, and real estate markets, which are vital to the state's economic performance.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for minor delays due to the comprehensive nature of the national income and product accounts.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Connecticut (CTFININSREALRGSP), retrieved from FRED.