Gross Domestic Product: Health Care and Social Assistance (62) in Maryland
MDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,040.70
Year-over-Year Change
62.20%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the health care and social assistance industry in the state of Maryland. It provides insights into the economic importance of this sector for policymakers and analysts.
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: Health Care and Social Assistance (62) in Maryland data series represents the value added by the health care and social assistance industry to the state's overall GDP. This metric is used to analyze the economic significance of the health care sector and inform policy decisions related to healthcare investment and regulation.
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 closely monitored by policymakers, healthcare industry stakeholders, and economic analysts to understand the economic dynamics and importance of the health care sector in Maryland.
Key Facts
- Health care and social assistance account for over 12% of Maryland's GDP.
- The sector has experienced steady growth in recent years, outpacing the state's overall economic expansion.
- Maryland's health care GDP is the 5th largest in the U.S.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the health care and social assistance industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic importance of the health care sector in Maryland, which is crucial for policymakers, industry stakeholders, 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 as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers to understand the economic dynamics and importance of the health care sector in Maryland, informing decisions related to healthcare investment and regulation.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, with typical update lags of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Health Care and Social Assistance (62) in Maryland (MDHLTHSOCASSNGSP), retrieved from FRED.