Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Maine
MEEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,238.90
Year-over-Year Change
68.78%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the educational services, health care, and social assistance industries in the state of Maine. It provides insight into the performance and contribution of these key sectors to the state's overall economic activity.
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: Educational Services, Health Care, and Social Assistance (61, 62) in Maine series tracks the total economic output generated by these critical industries within the state. It is a valuable indicator for policymakers and analysts to assess the health and growth of Maine's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is used by economists and policymakers to monitor the strength of Maine's education, healthcare, and social assistance sectors and their impact on the state's overall economic performance.
Key Facts
- Maine's education, healthcare, and social assistance industries account for over 20% of the state's GDP.
- This sector has experienced steady growth over the past decade, outpacing the overall state economy.
- The healthcare industry is the largest component, comprising nearly two-thirds 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, healthcare, and social assistance industries in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and importance of these key service-based sectors to Maine's overall economic activity, which is crucial 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 based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to monitor the strength and growth of Maine's education, healthcare, and social assistance industries and their impact on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
Related Trends
Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Maine
MEPRFRMSPRTMSMRGSP
Monthly State Retail Sales: Clothing and Clothing Accessories Stores in Maine
MSRSME448
Personal Consumption Expenditures: Services: Transportation Services for Maine
MEPCETRANS
Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Other Durable Goods for Maine
MEPCEPCODURG
Number of Identified Exporters to Estonia from Maine
MEESTA475SCEN
New Private Housing Units Authorized by Building Permits: 1-Unit Structures for Maine
MEBP1FH
Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Maine (MEEDHLTHSOCASSNGSP), retrieved from FRED.