Gross Domestic Product: Social Assistance (624) in the Southeast BEA Region
SESTSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,261.30
Year-over-Year Change
93.21%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Social Assistance (624) in the Southeast BEA Region measures the economic output of the social assistance industry in the southeastern United States. This metric is important for economists and policymakers to understand regional economic trends and the role of the social services 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 data series tracks the total value of goods and services produced by the social assistance industry, which includes individual and family services, community food and housing, and vocational rehabilitation services, within the Southeast Bureau of Economic Analysis (BEA) region. It provides insight into the scale and performance of this key part of the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This metric is utilized by economists, policymakers, and industry analysts to assess economic conditions and the role of the social services sector in the Southeast region.
Key Facts
- The Southeast BEA region includes Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
- Social assistance accounts for around 2-3% of total GDP in the Southeast region.
- This metric has shown steady growth over the past decade, reflecting the expanding role of social services in the regional economy.
FAQs
Q: What does this economic trend measure?
A: This data series measures the total economic output or Gross Domestic Product (GDP) of the social assistance industry in the Southeast BEA region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insight into the scale and performance of the social services sector in the Southeast region, which is a key part of the regional economy and influences broader economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts utilize this metric to assess economic conditions and the role of the social services sector in the Southeast region, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Bureau of Economic Analysis, with a typical 2-3 month lag in availability.
Related Trends
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Gross Domestic Product: Computer and Electronic Product Manufacturing (334) in the Southeast BEA Region
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in the Southeast BEA Region (SESTSOCASSNGSP), retrieved from FRED.