Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Minnesota
MNHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
116.29
Year-over-Year Change
40.59%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Minnesota measures the volume of economic output in this industry sector within the state. It is a key indicator for evaluating trends in Minnesota's healthcare 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
This index provides a standardized measure of real (inflation-adjusted) economic activity specifically in the health care and social assistance industry in Minnesota. It enables analysts to track growth or decline in this critical sector over time.
Methodology
The data is calculated based on Bureau of Economic Analysis estimates of real GDP by industry and state.
Historical Context
Policymakers and industry stakeholders use this index to monitor the performance and economic impact of Minnesota's healthcare sector.
Key Facts
- Minnesota's healthcare sector accounts for over 10% of state GDP.
- The index has grown by 25% in the past decade.
- Rapid growth in this industry has driven overall economic expansion in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) volume of economic output in Minnesota's health care and social assistance industry sector.
Q: Why is this trend relevant for users or analysts?
A: The health care industry is a critical part of Minnesota's economy, and this index provides a standardized way to track growth or decline in this sector over time.
Q: How is this data collected or calculated?
A: The data is calculated based on Bureau of Economic Analysis estimates of real GDP by industry and state.
Q: How is this trend used in economic policy?
A: Policymakers and industry stakeholders use this index to monitor the performance and economic impact of Minnesota's healthcare sector, which is crucial for informing policy decisions.
Q: Are there update delays or limitations?
A: The index is updated regularly by the Federal Reserve, but may be subject to revisions or delays in data reporting from source agencies.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Minnesota (MNHLTHSOCASSQGSP), retrieved from FRED.