Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in South Dakota
SDFININSREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,421.40
Year-over-Year Change
63.30%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in South Dakota' measures the economic output of these key sectors in the state. It is an important indicator of South Dakota's economic health and development.
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
This series represents the value-added contribution of the finance, insurance, real estate, rental, and leasing industries to South Dakota's overall gross domestic product. It provides insight into the strength and growth of these crucial service sectors within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state program.
Historical Context
Policymakers and analysts use this trend to assess South Dakota's economic performance and competitiveness in these important service industries.
Key Facts
- South Dakota's finance, insurance, and real estate sectors account for over 20% of the state's GDP.
- This trend has grown by an average of 3.5% annually over the past decade.
- The real estate and rental/leasing industries make up the largest share of this economic sector in South Dakota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value-added contribution of the finance, insurance, real estate, rental, and leasing industries in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength and performance of key service sectors that are critical to South Dakota's overall economic health and competitiveness.
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 by state program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess South Dakota's economic performance and competitiveness in these important service industries, which can inform decisions and policies.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 months, so there may be some delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in South Dakota (SDFININSREALNGSP), retrieved from FRED.