Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Minnesota
MNEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,697.90
Year-over-Year Change
75.66%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the educational services, healthcare, and social assistance sectors in Minnesota. It provides insights into the performance and importance of these key service industries 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 Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Minnesota series tracks the total economic output generated by these service-providing industries in the state. This data is useful for analyzing the relative size and growth of Minnesota's knowledge-based and human services sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Policymakers and economic analysts use this data to understand the composition and dynamics of Minnesota's economy.
Key Facts
- Minnesota's educational, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- This industry group has seen steady growth over the past decade, outpacing overall state economic expansion.
- The healthcare and social assistance subsector is the largest component, generating around two-thirds of the total GDP for this industry group.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the educational services, healthcare, and social assistance sectors in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and relative importance of these key service-providing industries within Minnesota's economy, which is useful for economic analysis and policymaking.
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 its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this data to understand the composition and dynamics of Minnesota's economy, which can inform decisions related to investments, regulations, and workforce development in these sectors.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revision processes of the U.S. Bureau of Economic Analysis, which may result in occasional update delays or minor revisions to historical figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Minnesota (MNEDHLTHSOCASSNGSP), retrieved from FRED.