Real Gross Domestic Product: Accommodation and Food Services (72) in Alabama
ALACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,626.90
Year-over-Year Change
2.55%
Date Range
1/1/2005 - 1/1/2025
Summary
This series measures the real gross domestic product (GDP) of the accommodation and food services industry in Alabama. It is a key indicator of economic activity and consumer spending in the state.
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 for the accommodation and food services industry in Alabama tracks the inflation-adjusted output of businesses in this sector, such as hotels, restaurants, and bars. This data is used by economists and policymakers to assess the health and performance of Alabama's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
Trends in Alabama's accommodation and food services GDP can provide insights into consumer demand, business investment, and the broader economic climate.
Key Facts
- Alabama's accommodation and food services GDP accounts for over 5% of the state's total economic output.
- This industry employs more than 230,000 workers in Alabama, or about 10% of the state's total workforce.
- Real GDP in Alabama's accommodation and food services sector has grown by an average of 2.5% per year over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the accommodation and food services industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and health of a key service sector in Alabama's economy, which is important for understanding consumer demand, business investment, and broader economic conditions 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 using national income and product accounts.
Q: How is this trend used in economic policy?
A: Trends in Alabama's accommodation and food services GDP are monitored by economists, policymakers, and businesses to assess consumer spending, business investment, and the overall strength of the state's economy.
Q: Are there update delays or limitations?
A: This data is typically published on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Alabama (ALACCOMDRQGSP), retrieved from FRED.