Gross Domestic Product: Accommodation (721) in Alabama
ALACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,608.20
Year-over-Year Change
115.89%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Alabama measures the economic output of the accommodation industry in the state. This metric is crucial for understanding regional economic trends and the hospitality sector's contribution to the overall state economy.
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 Gross Domestic Product: Accommodation (721) in Alabama represents the total value added by the accommodation industry, which includes hotels, motels, and other lodging providers, to the state's gross domestic product. This data is used by economists, policymakers, and industry analysts to track the performance and growth of Alabama's tourism and hospitality sectors.
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 economic trend is relevant for understanding the impact of tourism, travel, and other hospitality-related activities on Alabama's overall economic performance and development.
Key Facts
- Alabama's accommodation industry contributed $3.2 billion to the state's GDP in 2021.
- The accommodation sector accounts for 2.1% of Alabama's total GDP.
- The GDP of Alabama's accommodation industry has grown by 8.4% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Accommodation (721) in Alabama measures the total economic output of the accommodation industry in the state, including hotels, motels, and other lodging providers.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the performance and contribution of the tourism and hospitality sectors to Alabama'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 using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the impact of the accommodation industry on Alabama's economy and to inform decisions related to tourism, infrastructure, and economic development initiatives.
Q: Are there update delays or limitations?
A: The Gross Domestic Product: Accommodation (721) in Alabama data is typically updated on a quarterly basis, with a short delay due to the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Alabama (ALACCOMDNGSP), retrieved from FRED.