Real Gross Domestic Product: Accommodation (721) in Alabama
ALACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,258.30
Year-over-Year Change
42.10%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the accommodation industry in Alabama. It provides important insights into the economic performance and growth of a key sector within the state's 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 real GDP of the accommodation industry in Alabama represents the total inflation-adjusted value of goods and services produced by this sector. It is a crucial indicator for understanding the state's economic health and competitiveness, as the accommodation industry is a significant contributor to tourism and hospitality.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers, businesses, and economic analysts to inform decisions and policies related to the state's tourism and hospitality sectors.
Key Facts
- Alabama's accommodation industry accounts for over 4% of the state's total GDP.
- The accommodation sector employs more than 60,000 people in Alabama.
- Real GDP in Alabama's accommodation industry has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation industry in the state of Alabama. It represents the total inflation-adjusted value of goods and services produced by this sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is highly relevant for understanding the economic performance and growth of Alabama's tourism and hospitality sectors, which are important contributors to the state's overall economy.
Q: How is this data collected or calculated?
A: The data for this trend is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, businesses, and economic analysts to inform decisions and policies related to the state's tourism and hospitality sectors.
Q: Are there update delays or limitations?
A: The data for this trend is typically released on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Alabama (ALACCOMDRGSP), retrieved from FRED.