Gross Domestic Product: Health Care and Social Assistance (62) in Massachusetts
MAHLTHSOCASSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
74,489.20
Year-over-Year Change
20.31%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the health care and social assistance industry in Massachusetts. It provides valuable insights into the size and growth of this critical sector within the state's 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
The Health Care and Social Assistance industry (NAICS 62) includes hospitals, nursing and residential care facilities, and providers of outpatient, home health, and social assistance services. Tracking the GDP of this sector helps analysts and policymakers understand the economic importance and performance of health care in Massachusetts.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trend is used to inform economic and public policy decisions related to the health care industry in Massachusetts.
Key Facts
- Massachusetts' health care and social assistance GDP was $78.1 billion in 2021.
- This sector accounts for over 15% of the state's total economic output.
- The health care industry has been a key driver of economic growth in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the health care and social assistance industry in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of the health care sector provides valuable insights into the economic importance and performance of this critical industry within the Massachusetts economy.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used to inform economic and public policy decisions related to the health care industry in Massachusetts.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as the broader regional GDP estimates published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Health Care and Social Assistance (62) in Massachusetts (MAHLTHSOCASSNQGSP), retrieved from FRED.