Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Maryland
MDEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48,832.30
Year-over-Year Change
58.02%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) for the educational services, health care, and social assistance industries in the state of Maryland. It provides important insights into the performance and economic contributions of these key sectors.
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 MDEDHLTHSOCASSNGSP series tracks the GDP generated by educational services, health care, and social assistance providers in Maryland. This data is useful for analyzing the relative size and growth of these industries within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and economic analysts use this trend to understand the economic impact and dynamics of Maryland's education, healthcare, and social services sectors.
Key Facts
- Maryland's education, healthcare, and social assistance industries account for over 20% of the state's GDP.
- This sector has seen steady growth over the past decade, outpacing the overall state economy.
- The healthcare industry is the largest component, contributing around 60% of the total GDP in this category.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) generated by the educational services, health care, and social assistance industries in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the size, growth, and economic impact of these key sectors within Maryland's economy, which is useful for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to understand the economic dynamics and contributions of Maryland's education, healthcare, and social services industries, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with some potential for minor delays in release.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Maryland (MDEDHLTHSOCASSNGSP), retrieved from FRED.