Real Gross Domestic Product: Food Services and Drinking Places (722) in Arizona
AZFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,276.20
Year-over-Year Change
40.56%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the food services and drinking places (NAICS code 722) industry in the state of Arizona. It provides insight into the economic performance of a key service sector 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 Gross Domestic Product: Food Services and Drinking Places (722) in Arizona series tracks the inflation-adjusted output of the food services and drinking places industry in Arizona. This metric is useful for analyzing the strength and growth of the state's hospitality and leisure sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This trend is relevant for policymakers, businesses, and economists monitoring the health of Arizona's service economy.
Key Facts
- Arizona's food services and drinking places industry accounts for over 4% of the state's GDP.
- This sector grew by 3.2% in real terms in 2021 after declining in 2020 due to the pandemic.
- The industry employs over 270,000 workers in Arizona, making it a significant part of the state's labor market.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the food services and drinking places industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic importance of Arizona's hospitality and leisure sector, which is a key part of the state's service-based 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 industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists monitor this trend to assess the health and growth of Arizona's service economy and make informed decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in capturing the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Arizona (AZFOODDPRGSP), retrieved from FRED.