Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in North Carolina
NCEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67,830.10
Year-over-Year Change
89.82%
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 sectors in North Carolina. It provides valuable insights into the performance and contribution of these key industries 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 North Carolina series represents the total economic output generated by these related sectors within the state. It is an important indicator for policymakers, businesses, and analysts to understand the health and growth of these vital service industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP reporting.
Historical Context
This trend is closely monitored by state and local governments, as well as industry stakeholders, to inform policy decisions and strategic planning.
Key Facts
- North Carolina's educational, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- These industries have experienced steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on these sectors, leading to temporary declines in economic output.
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 sectors in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of these key service industries to North Carolina's overall economic activity, which is valuable for policymakers, businesses, 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 (BEA) as part of their comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and local governments, as well as industry stakeholders, to inform policy decisions and strategic planning related to these vital service sectors.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential limitations as the broader GDP reporting from the BEA.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in North Carolina (NCEDHLTHSOCASSNGSP), retrieved from FRED.