Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arizona
AZPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,597.10
Year-over-Year Change
127.60%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Arizona. It provides valuable insights into the health and economic contribution of the state's arts, entertainment, and cultural industries.
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 AZPRFRMSPRTMSMNGSP series represents the GDP of NAICS sectors 711 and 712, which include performing arts companies, spectator sports, museums, historical sites, zoos, and parks. This data is used by economists and policymakers to analyze the economic impact of Arizona's arts, culture, and entertainment industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trend is relevant for understanding the role of the arts and entertainment sector in Arizona's economy and informing policy decisions that affect these industries.
Key Facts
- Arizona's performing arts, spectator sports, museums, and related activities sector contributed $2.8 billion to the state's GDP in 2020.
- This sector accounted for 1.7% of Arizona's total GDP in 2020.
- The GDP of this sector in Arizona has grown by an average of 3.2% per year over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the performing arts, spectator sports, museums, and related activities sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic contribution and performance of Arizona's arts, entertainment, and cultural industries, which are important for understanding the state's overall economic landscape.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the role and impact of the arts, entertainment, and cultural sectors in Arizona's economy, which can inform policy decisions that affect these industries.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential limitations as the Bureau of Economic Analysis's regional GDP estimates, which are typically released on a quarterly basis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arizona (AZPRFRMSPRTMSMNGSP), retrieved from FRED.