Gross Domestic Product: Accommodation (721) in Arizona
AZACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,008.10
Year-over-Year Change
61.29%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Arizona tracks the economic output of the accommodation industry in the state. This metric is crucial for understanding the health and trends within Arizona's tourism and hospitality sectors.
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 series measures the gross domestic product, or total economic output, specifically for the accommodation industry (NAICS code 721) in the state of Arizona. It provides insight into the performance and contribution of the lodging and hospitality sector to the overall Arizona economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources.
Historical Context
Policymakers and businesses use this metric to gauge the strength of Arizona's tourism industry and make informed decisions.
Key Facts
- Arizona's accommodation industry accounts for 2.3% of the state's total GDP.
- The accommodation GDP in Arizona has grown by 4.2% over the past 5 years.
- The COVID-19 pandemic caused a 15.7% decline in Arizona's accommodation GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product, or total economic output, specifically for the accommodation industry (NAICS code 721) in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insight into the performance and contribution of Arizona's lodging and hospitality sector, which is a key driver of the state's economy and tourism industry.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to gauge the strength of Arizona's tourism industry and make informed decisions about economic development, infrastructure, and support for the accommodation sector.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 quarter delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Arizona (AZACCOMDNGSP), retrieved from FRED.