Real Gross Domestic Product: Private Services-Providing Industries in Illinois
ILPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
669,409.40
Year-over-Year Change
17.82%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of private service-providing industries in the state of Illinois. It is a key indicator of the overall health and productivity of the state's service 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
The Real Gross Domestic Product: Private Services-Providing Industries in Illinois series tracks the inflation-adjusted output of Illinois' private service-providing industries, which include sectors like finance, healthcare, and information technology. This metric provides insight into the dynamics and growth of the state's non-goods-producing economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by economists, policymakers, and businesses to assess the performance and competitiveness of Illinois' service industries.
Key Facts
- Illinois' private service-providing industries account for over 60% of the state's total GDP.
- This metric has grown by an average of 2.5% annually over the past decade.
- The finance, insurance, and real estate sectors make up the largest component of this indicator.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of private service-providing industries in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the performance and growth of Illinois' service-based economy, which is a critical driver of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists rely on this indicator to assess the competitiveness and productivity of Illinois' service industries, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately two months, and may be subject to periodic revisions by the collecting agency.
Related Trends
Average Weekly Hours of Production Employees: Education and Health Services: Private Education and Health Services in Illinois
SMU17000006500000007
Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Illinois
ILNATRESMINQGSP
All Employees: Health Care and Social Assistance in Illinois
SMU17000006562000001A
Business Applications: Total for All NAICS in Illinois
BABATOTALSAIL
Estimate of People Age 0-17 in Poverty in Illinois
PEU18IL17000A647NCEN
Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Illinois
ILNATRESMINRGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Illinois (ILPRISERVPRORGSP), retrieved from FRED.