Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Florida
FLEDHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
132.12
Year-over-Year Change
53.32%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Florida measures the volume of economic output in these key service sectors within the state.
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 index tracks the real, inflation-adjusted change in GDP originating from educational, healthcare, and social assistance industries in Florida. It provides insight into the dynamics and performance of these vital service sectors that significantly contribute to the state's economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
This metric is used by economists, policymakers, and industry analysts to assess the health and growth of Florida's service-oriented economy.
Key Facts
- Florida's service sector accounts for over 80% of its GDP.
- The index reached a record high in 2019 before declining during the COVID-19 pandemic.
- Education, healthcare, and social assistance represent over 20% of Florida's total economic output.
FAQs
Q: What does this economic trend measure?
A: This index measures the volume of real economic output originating from the educational services, healthcare, and social assistance industries in the state of Florida.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and growth dynamics of key service sectors that are central to Florida's economy, making it useful for economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: This index is used by economists and policymakers to assess the health and growth of Florida's service-oriented economy, which has significant implications for employment, consumer spending, and overall economic performance.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be lags in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Florida (FLEDHLTHSOCASSQGSP), retrieved from FRED.