Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Arizona
AZARTENTRECNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,272.30
Year-over-Year Change
105.19%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the Gross Domestic Product (GDP) for the Arts, Entertainment, and Recreation (NAICS 71) sector in the state of Arizona. It is an important indicator of economic activity and performance in this key industry.
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 Arts, Entertainment, and Recreation GDP series tracks the total output and value-added for businesses in this sector, including performing arts, spectator sports, museums, and recreational activities. It provides insights into the health and contribution of this industry to the broader Arizona economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and economic census data.
Historical Context
Policymakers and analysts use this metric to assess the economic and employment trends in Arizona's arts and entertainment industries.
Key Facts
- Arizona's arts and entertainment GDP was $6.4 billion in 2021.
- This sector accounts for 2.3% of Arizona's total economic output.
- GDP in this industry grew by 8.2% in Arizona from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This series measures the Gross Domestic Product (GDP) for the Arts, Entertainment, and Recreation sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and contribution of Arizona's arts, entertainment, and recreation industries, which is valuable information for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using business surveys and economic census information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this GDP metric to assess the economic and employment trends in Arizona's arts and entertainment sectors, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: This GDP data is published annually by the Bureau of Economic Analysis, so there may be a delay of several months before the latest figures are available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Arizona (AZARTENTRECNGSP), retrieved from FRED.