Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Alabama
ALPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
604.80
Year-over-Year Change
162.73%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the performing arts, spectator sports, museums, and related activities sector in Alabama. It provides insights into the economic performance and contribution of these cultural and entertainment industries within 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 GDP for the performing arts, spectator sports, museums, and related activities sector in Alabama represents the total value of goods and services produced by this industry. It is an important indicator for understanding the economic significance of these cultural and recreational activities and how they contribute to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry statistics.
Historical Context
This trend is relevant for policymakers, economists, and industry analysts to assess the economic health and growth potential of Alabama's cultural and entertainment sectors.
Key Facts
- Alabama's performing arts, spectator sports, museums, and related activities sector contributed $1.2 billion to the state's GDP in 2020.
- This industry accounted for 0.8% of Alabama's total GDP in 2020.
- The GDP for this sector in Alabama has grown by 12% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the performing arts, spectator sports, museums, and related activities sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the economic importance and performance of Alabama's cultural and entertainment industries, which can inform policymaking and business decisions.
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 their GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This trend can be used by policymakers, economists, and industry analysts to assess the economic health and growth potential of Alabama's cultural and entertainment sectors, which can inform policy decisions and investments.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the U.S. Bureau of Economic Analysis, but there may be some delays in the availability of the most recent data points.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Alabama (ALPRFRMSPRTMSMNGSP), retrieved from FRED.