Real Gross Domestic Product: Accommodation (721) in Arizona
AZACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,918.50
Year-over-Year Change
6.15%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation industry in Arizona. It provides valuable insights into the state's tourism and hospitality sector.
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 Gross Domestic Product: Accommodation (721) in Arizona series represents the inflation-adjusted economic output of the accommodation industry in the state. This metric is used by economists and policymakers to analyze the performance and growth of Arizona's tourism and travel-related industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by state and local officials to inform economic development strategies and tourism policies.
Key Facts
- Arizona's accommodation industry accounts for over $10 billion in annual GDP.
- The accommodation sector has grown by 25% in the past decade.
- Tourism is a major driver of Arizona's economy, contributing 4% of the state's total GDP.
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 Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of Arizona's tourism and travel-related sectors, which are crucial to the state's economy.
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 accounting principles.
Q: How is this trend used in economic policy?
A: State and local officials closely monitor this trend to inform economic development strategies and tourism policies in Arizona.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, with a typical update delay of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Arizona (AZACCOMDRGSP), retrieved from FRED.