Real Gross Domestic Product: Finance and Insurance (52) in South Carolina
SCFININSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,114.80
Year-over-Year Change
28.39%
Date Range
1/1/1997 - 1/1/2024
Summary
This metric tracks the real gross domestic product (GDP) of the finance and insurance industry in South Carolina. It provides insights into the economic performance and growth of this critical 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 Real Gross Domestic Product: Finance and Insurance (52) in South Carolina series measures the inflation-adjusted value added by the finance and insurance industry to the state's overall economic output. This indicator is used by economists and policymakers to analyze the health and productivity of the financial services sector in South Carolina.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP by industry statistics.
Historical Context
Trends in this series can inform decisions around economic development, workforce planning, and regulatory policies affecting the finance and insurance industry in South Carolina.
Key Facts
- South Carolina's finance and insurance sector accounts for over 6% of the state's total GDP.
- This industry has experienced steady growth, outpacing the overall state economy in recent years.
- The finance and insurance industry is a major employer in South Carolina, providing over 100,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real gross domestic product (GDP) generated by the finance and insurance industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: Trends in this series provide insights into the performance and contribution of the finance and insurance sector to South Carolina's overall economic growth and development.
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 regional GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to inform decisions around economic development, workforce planning, and regulatory policies affecting the finance and insurance industry in South Carolina.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in South Carolina (SCFININSRGSP), retrieved from FRED.