Real Gross Domestic Product: Social Assistance (624) in South Dakota
SDSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
308.40
Year-over-Year Change
17.00%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Social Assistance (624) in South Dakota measures the inflation-adjusted economic output of the social assistance industry in the state. This metric is important for analyzing regional economic trends and the healthcare 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
This series represents the real, or inflation-adjusted, value added by the social assistance industry, which includes organizations providing individual and family services, community food and housing, and vocational rehabilitation services. It is a component of the broader state-level gross domestic product and provides insight into the performance of the healthcare and social services segment of the South Dakota economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Policymakers and economists use this metric to assess the health and contribution of the social assistance industry within the broader South Dakota economy.
Key Facts
- Social assistance GDP in South Dakota was $1.3 billion in 2021.
- The social assistance industry accounts for 2.4% of South Dakota's total GDP.
- Real social assistance GDP grew by 4.2% in South Dakota in 2021.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Social Assistance (624) in South Dakota measures the inflation-adjusted economic output of the social assistance industry in the state, including organizations providing individual and family services, community food and housing, and vocational rehabilitation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of the healthcare and social services sector within the broader South Dakota economy, which is useful for policymakers, economists, and industry analysts.
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 its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the health and economic impact of the social assistance industry, which can inform decisions related to healthcare, social services, and regional economic development.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in South Dakota (SDSOCASSRGSP), retrieved from FRED.