Real Gross Domestic Product: Health Care and Social Assistance (62) in Ohio
OHHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
65,851.40
Year-over-Year Change
29.13%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the health care and social assistance sector in Ohio. It provides insights into the performance and growth of this critical industry in 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 Real Gross Domestic Product: Health Care and Social Assistance (62) in Ohio metric tracks the inflation-adjusted value added by the health care and social assistance industry to the state's overall economic output. It is an important indicator for analyzing the health and dynamics of Ohio's health services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the economic contribution and growth of Ohio's health care and social assistance sector.
Key Facts
- Ohio's health care and social assistance sector accounts for over 12% of the state's total GDP.
- This industry has experienced steady growth, expanding by 3.2% annually on average over the past decade.
- The COVID-19 pandemic had a significant impact, leading to a 5.8% decline in real GDP for this sector in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the health care and social assistance industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: The health care and social assistance sector is a critical component of Ohio's economy, and this metric provides important insights into its performance and growth over time.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this trend to assess the economic contribution and growth of Ohio's health care and social assistance sector, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be a lag of several months between the end of a reporting period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Ohio (OHHLTHSOCASSRGSP), retrieved from FRED.