Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Illinois
ILADMINWASTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,496.50
Year-over-Year Change
81.99%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) of the Administrative and Support and Waste Management and Remediation Services sector in Illinois. It provides important insights into the strength and growth of this key service industry within the state's economy.
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 Support and Waste Management and Remediation Services sector encompasses a wide range of activities, including office administration, facilities support, waste collection, and remediation services. Analyzing the GDP of this sector helps economists and policymakers understand the productivity and competitiveness of these vital business services in Illinois.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by industry estimates.
Historical Context
This economic indicator is used by businesses, investors, and government agencies to inform decision-making and policy around the administrative and waste services industry in Illinois.
Key Facts
- Illinois GDP for Administrative and Support and Waste Management Services was $29.5 billion in 2021.
- This sector accounts for 3.2% of Illinois' total GDP.
- The industry grew by 2.1% in 2021 compared to the previous year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Administrative and Support and Waste Management and Remediation Services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: Analyzing the GDP of this sector provides important insights into the productivity and competitiveness of vital business services in Illinois, which is useful for businesses, investors, and policymakers.
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 by industry estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is used by businesses, investors, and government agencies to inform decision-making and policy around the administrative and waste services industry in Illinois.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, but may be subject to revision and update delays typical of official government statistics.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Illinois (ILADMINWASTNGSP), retrieved from FRED.