Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Florida
Annual, Not Seasonally Adjusted
FLADMINWASTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,319.80
Year-over-Year Change
68.16%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' economic trend measures the total output of the administrative and waste services industry in Florida. This metric is crucial for understanding the state's service-based economy and employment dynamics.
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 administrative and waste services industry encompasses a wide range of back-office and support functions, from office administration to waste management. This data series provides an overview of the overall production and economic contribution of this key service sector in Florida.
Methodology
The data is collected through surveys of businesses and calculated as the total inflation-adjusted gross state product for the industry.
Historical Context
Policymakers and analysts use this trend to gauge the health and competitiveness of Florida's service economy.
Key Facts
- Florida's administrative and waste services industry accounts for over 7% of the state's total economic output.
- The sector employs more than 500,000 workers in Florida, making it a significant contributor to the state's job market.
- Output in this industry has grown by over 30% in the past decade, outpacing the overall state economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross state product, or economic output, of the administrative and waste services industry in Florida.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and role of a key service sector within Florida's economy, which is crucial for understanding the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and calculated as the total inflation-adjusted gross state product for the administrative and waste services industry.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge the strength and competitiveness of Florida's service-based economy, which can inform decisions on economic development, workforce, and regulatory policies.
Q: Are there update delays or limitations?
A: This data is published annually with a lag of approximately one year, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (FLADMINWASTRGSP), retrieved from FRED.