Gross Domestic Product: Social Assistance (624) in Hawaii
HISOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
826.80
Year-over-Year Change
56.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Social Assistance (624) in Hawaii measures the economic output of the social assistance industry in the state. This data is crucial for policymakers and economists to understand the health and trends within this sector.
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 series tracks the gross domestic product, or total economic output, of the social assistance industry in Hawaii. Social assistance includes providers of individual and family services, community food and housing services, and vocational rehabilitation services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP estimates.
Historical Context
Monitoring this industry's GDP helps policymakers and analysts assess the economic well-being and policy needs of Hawaii's social services sector.
Key Facts
- Hawaii's social assistance GDP was $1.7 billion in 2021.
- This sector accounts for 1.7% of Hawaii's total economic output.
- Social assistance GDP grew by 5.2% in Hawaii from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This data measures the gross domestic product, or total economic output, of the social assistance industry in Hawaii.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of Hawaii's social assistance sector provides crucial insights for policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP estimates.
Q: How is this trend used in economic policy?
A: This data helps policymakers and analysts assess the economic well-being and policy needs of Hawaii's social services sector.
Q: Are there update delays or limitations?
A: The data is updated annually by the Bureau of Economic Analysis with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Hawaii (HISOCASSNGSP), retrieved from FRED.