Real Gross Domestic Product: Real Estate (531) in Illinois
ILREALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105,325.60
Year-over-Year Change
10.74%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Real Estate (531) in Illinois metric measures the output of the real estate industry in Illinois, a key component of the state's overall economic activity.
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 tracks the real (inflation-adjusted) value added by the real estate industry to Illinois' gross domestic product, providing insight into the health and productivity of this crucial sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts monitor this trend to gauge the Illinois real estate market's performance and its broader implications for the state's economy.
Key Facts
- Illinois is the sixth-largest state economy in the U.S.
- The real estate industry accounts for over 12% of Illinois' GDP.
- This metric has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product originating from the real estate industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: The performance of the real estate sector is a key indicator of broader economic conditions in Illinois, as it represents a significant portion of the state's economic output.
Q: How is this data collected or calculated?
A: The data is 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 and analysts monitor this trend to gauge the health of the Illinois real estate market and its implications for the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of a few quarters, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Real Estate (531) in Illinois (ILREALRGSP), retrieved from FRED.