Gross Domestic Product: Health Care and Social Assistance (62) in North Dakota
NDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,054.00
Year-over-Year Change
85.38%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) for the health care and social assistance industry in North Dakota. It provides insight into the size and performance of this key economic sector within the state.
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 (GDP) for the health care and social assistance industry in North Dakota represents the total value of goods and services produced by this sector. It is an important indicator of economic activity and can inform policy decisions related to the state's health care system and social service programs.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of North Dakota's health care and social assistance sector.
Key Facts
- North Dakota's health care and social assistance GDP accounted for 10.2% of the state's total GDP in 2021.
- This industry grew by 3.8% in North Dakota from 2020 to 2021.
- The health care and social assistance sector is the second-largest industry in North Dakota's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the health care and social assistance industry in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the size and performance of a key economic sector in North Dakota, which is important for policymakers, economists, and industry 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 comprehensive GDP statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers to assess the health and competitiveness of North Dakota's health care and social assistance sector, which can inform policy decisions related to the state's health care system and social service programs.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for minor revisions in subsequent releases.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Health Care and Social Assistance (62) in North Dakota (NDHLTHSOCASSNGSP), retrieved from FRED.