Real Gross Domestic Product: Educational Services (61) in Illinois
ILEDCATRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,857.10
Year-over-Year Change
-3.80%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the educational services sector (NAICS code 61) in the state of Illinois. It provides insight into the economic performance and growth of this important industry 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
The Real Gross Domestic Product: Educational Services (61) in Illinois series represents the inflation-adjusted value of goods and services produced by the educational services sector in Illinois. This metric is a key indicator of the sector's economic contribution and can inform policymakers and analysts about trends in education-related economic activity within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP by state and industry estimates.
Historical Context
Analysts and policymakers use this trend to assess the economic health and growth of the educational services industry in Illinois, which can inform decisions related to education funding, workforce development, and broader economic policy.
Key Facts
- The educational services sector accounts for over 6% of Illinois' total GDP.
- Illinois' real GDP for educational services has grown by 12% over the past 5 years.
- The educational services industry employs over 350,000 workers in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the educational services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic performance and growth of the educational services industry within Illinois, which is an important sector for the state's economy and workforce.
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 its comprehensive GDP by state and industry estimates.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this trend to assess the economic health and growth of the educational services industry in Illinois, which can inform decisions related to education funding, workforce development, and broader economic policy.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay, and may be subject to revisions as more complete information becomes available.
Related Trends
Average Weekly Earnings of All Employees: Manufacturing in Illinois
SMU17000003000000011
Real Personal Income in Illinois
ILOPER
All Employees: Other Services: Personal and Laundry Services in Illinois
SMU17000008081200001
Average Weekly Hours of All Employees: Manufacturing in Illinois
SMU17000003000000002
Value of Exports to Spain from Illinois
ILESPA052SCEN
Gross Domestic Product: Computer Systems Design and Related Services (5415) in Illinois
ILCPUSYSDSGNNGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services (61) in Illinois (ILEDCATRGSP), retrieved from FRED.