Gross Domestic Product: Social Assistance (624) in Louisiana
LASOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,992.20
Year-over-Year Change
79.20%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the social assistance industry in Louisiana. It provides insight into the economic importance and performance of this sector within the state.
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 social assistance industry includes establishments providing a variety of social services directly to individuals, such as childcare, community food services, and vocational rehabilitation. This GDP metric helps economists and policymakers analyze the contribution of this sector to Louisiana's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
The social assistance GDP trend is relevant for understanding the economic health and policy needs of Louisiana's human services industry.
Key Facts
- Louisiana's social assistance GDP was $4.2 billion in 2021.
- This industry accounts for 2.3% of the state's total economic output.
- Social assistance GDP grew by 4.8% in Louisiana between 2020 and 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the social assistance industry in the state of Louisiana. It quantifies the economic output and contribution of this sector.
Q: Why is this trend relevant for users or analysts?
A: The social assistance GDP trend provides important insights into the economic performance and policy needs of Louisiana's human services industry, which is a key component 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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this social assistance GDP trend to understand the economic health and policy needs of Louisiana's human services industry, which informs decisions related to funding, regulation, and economic development.
Q: Are there update delays or limitations?
A: The social assistance GDP data for Louisiana is published annually by the U.S. Bureau of Economic Analysis, with a typical release delay of several months after the end of the reporting period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Louisiana (LASOCASSNGSP), retrieved from FRED.