Gross Domestic Product: Social Assistance (624) in Indiana
INSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,885.70
Year-over-Year Change
104.12%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Social Assistance (624) in Indiana trend measures the economic output of the social assistance industry in the state. This data is important for policymakers and economists to understand the size and performance of this 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 Gross Domestic Product: Social Assistance (624) in Indiana represents the total value added by the social assistance industry, which includes entities providing individual and family services, community food and housing, and vocational rehabilitation services. This data provides insight into the overall health and productivity of this segment of Indiana's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Historical Context
This economic trend is used by policymakers, researchers, and market analysts to evaluate the social services industry in Indiana and make informed decisions.
Key Facts
- Indiana's social assistance GDP was $4.1 billion in 2021.
- The social assistance sector accounts for 1.5% of Indiana's total GDP.
- This industry has grown by 3.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Social Assistance (624) in Indiana measures the total economic output of the social assistance industry in the state, including individual and family services, community food and housing, and vocational rehabilitation services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the size and performance of Indiana's social assistance industry, which is a key sector of the state's economy. Policymakers and economists use this data to evaluate economic conditions and make informed decisions.
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 state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers, researchers, and market analysts use this trend to assess the health and productivity of the social services industry in Indiana, which informs decisions related to funding, regulation, and economic development in this sector.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so there may be a delay in accessing the most recent information. Additionally, the data is subject to periodic revisions by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Indiana (INSOCASSNGSP), retrieved from FRED.