Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Ohio
OHADMINWASTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22,839.60
Year-over-Year Change
18.91%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the administrative and support and waste management and remediation services industry in Ohio. It provides insights into the economic performance and productivity of this important service sector.
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 Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Ohio series tracks the inflation-adjusted output of this industry, which includes activities such as office administration, facilities support, security, and waste collection and treatment. This data helps policymakers and analysts assess the state's economic health and competitiveness.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
This trend is relevant for understanding Ohio's service sector dynamics and informing economic development strategies.
Key Facts
- Ohio's administrative and waste services industry contributed $21.4 billion to state GDP in 2021.
- This sector employs over 250,000 workers in Ohio, or about 4% of total state employment.
- Real GDP in this industry grew by 2.5% in Ohio between 2020 and 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the administrative and support and waste management and remediation services industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and productivity of an important service sector in Ohio, which can inform economic development strategies and assessments of the state's overall economic health.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this data to understand the dynamics of Ohio's service sector and make informed decisions about economic development initiatives.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several quarters, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Ohio (OHADMINWASTRGSP), retrieved from FRED.