Real Gross Domestic Product: Health Care and Social Assistance (62) in South Dakota
SDHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,887.00
Year-over-Year Change
43.84%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Health Care and Social Assistance (62) in South Dakota' series measures the economic output of the health care and social assistance sector in South Dakota, adjusted for inflation. This metric is important for analyzing the contribution of this industry to the state's overall economic performance.
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 inflation-adjusted value added by the health care and social assistance industry in South Dakota. It provides insight into the productivity and growth of this key sector, which is a major employer and service provider in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
Policymakers and analysts use this metric to assess the health and competitiveness of South Dakota's health care industry.
Key Facts
- South Dakota's health care and social assistance sector accounts for over 12% of the state's GDP.
- This industry has experienced steady growth, with real GDP increasing by 25% over the past decade.
- The health care and social assistance sector is the second-largest employer in South Dakota, providing over 90,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) of the health care and social assistance industry in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and growth of a key sector of the South Dakota economy, which is a major employer and service provider in the state.
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 state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and competitiveness of South Dakota's health care industry, which is crucial for providing services and supporting the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in South Dakota (SDHLTHSOCASSRGSP), retrieved from FRED.