Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Illinois
ILTRANGRNDTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,513.20
Year-over-Year Change
82.54%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Illinois tracks the economic output of the transit and ground passenger transportation industry in the state. It is an important indicator for understanding regional economic trends and the transportation sector's contribution to the overall 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 measures the total value added to Illinois' GDP by businesses in the transit and ground passenger transportation industry, such as urban transit systems, taxi and limousine services, and school and employee bus transportation. It provides insights into the strength and productivity of this critical transportation infrastructure.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Economists and policymakers use this trend to assess the health of Illinois' transportation sector and its impact on the broader state economy.
Key Facts
- Illinois' transit and ground passenger transportation industry contributed $5.2 billion to the state's GDP in 2021.
- This industry accounts for approximately 1.5% of Illinois' total economic output.
- The sector has grown by 3.2% annually on average over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added to Illinois' Gross Domestic Product by businesses in the transit and ground passenger transportation industry, such as urban transit systems, taxi services, and school bus transportation.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the strength and productivity of Illinois' critical transportation infrastructure, which is an important factor for regional economic growth and development.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the health of Illinois' transportation sector and its impact on the broader state economy, informing infrastructure investment decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is updated annually by the Bureau of Economic Analysis, with a delay of approximately 12 months after the end of the reference year.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Illinois (ILTRANGRNDTRANNGSP), retrieved from FRED.