Gross Domestic Product: Health Care and Social Assistance (62) in Connecticut
CTHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,662.00
Year-over-Year Change
57.56%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the Health Care and Social Assistance sector in Connecticut measures the total economic output of this industry. It is a key indicator of the state's healthcare and social services activity.
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 GDP series represents the total value added to Connecticut's economy by businesses and organizations in the Health Care and Social Assistance sector, which includes hospitals, physicians' offices, nursing and residential care facilities, and social assistance providers.
Methodology
The data is calculated based on industry-level production statistics and earnings information collected by the U.S. Bureau of Economic Analysis.
Historical Context
Analysts and policymakers use this data to monitor the economic performance and contribution of Connecticut's healthcare industry.
Key Facts
- Connecticut's Health Care and Social Assistance GDP was $39.1 billion in 2021.
- This sector accounts for over 13% of Connecticut's total economic output.
- The healthcare industry is one of the largest employers in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Health Care and Social Assistance sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: The Health Care and Social Assistance GDP is an important indicator of the economic performance and contribution of this key industry in Connecticut.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on industry-level production statistics and earnings information.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this data to monitor the healthcare sector's economic activity and contribution, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Health Care and Social Assistance (62) in Connecticut (CTHLTHSOCASSNGSP), retrieved from FRED.