Gross Domestic Product: Private Services-Providing Industries in Illinois
ILPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
845,375.10
Year-over-Year Change
63.02%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Illinois measures the economic output of the private services sector in the state. This data provides insight into the health and growth of Illinois' service-based 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
This series represents the total value added by private service-providing industries in Illinois, including sectors like retail, finance, healthcare, and professional services. Economists and policymakers use this data to analyze the broader economic trends and competitiveness of the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their Gross Domestic Product by State program.
Historical Context
This economic indicator helps inform policy decisions and business strategies related to the service industry in Illinois.
Key Facts
- Illinois' private services sector accounts for over 70% of the state's GDP.
- Private services GDP in Illinois grew by 3.2% in 2021.
- The finance and insurance industry is the largest component of Illinois' private services GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output of private service-providing industries in the state of Illinois, including sectors like retail, finance, healthcare, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insights into the health and growth of Illinois' service-based economy, which is a critical driver of the state's overall economic performance.
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 Gross Domestic Product by State program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to inform decisions and strategies related to the service industry in Illinois, which is a major component of the state's economy.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis by the Bureau of Economic Analysis, with a lag of several months from the end of the reporting period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Illinois (ILPRISERVPRONGSP), retrieved from FRED.