Gross Domestic Product: Educational Services (61) in Idaho
IDEDCATNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,119.10
Year-over-Year Change
124.58%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Educational Services (61) in Idaho' trend measures the economic output of the educational services sector in the state of Idaho. This data provides valuable insights into the role of education in the state's overall economic performance.
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 represents the gross domestic product (GDP) originating in the educational services industry (NAICS code 61) for the state of Idaho. It is a key indicator of the economic activity and productivity within Idaho's education sector, which encompasses public and private schools, colleges, universities, and other educational institutions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
Policymakers and economists use this trend to assess the health and contributions of Idaho's education sector to the state's overall economic development.
Key Facts
- Idaho's educational services GDP was $2.9 billion in 2021.
- The educational services sector accounts for approximately 3.4% of Idaho's total GDP.
- This trend has grown by an average of 2.8% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) originating in the educational services industry (NAICS code 61) for the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic contribution and performance of Idaho's education sector, which is crucial for policymakers and economists analyzing the state's overall economic development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and contributions of Idaho's education sector to the state's overall economic development, informing policy decisions and investments.
Q: Are there update delays or limitations?
A: The data is typically updated annually by the BEA, with a delay of several months from the end of the reference year.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services (61) in Idaho (IDEDCATNGSP), retrieved from FRED.