Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arizona
AZPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,256.80
Year-over-Year Change
69.88%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Arizona. It provides insight into the performance and economic contribution of this important cultural and entertainment industry within 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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arizona series tracks the inflation-adjusted economic output of this subsector, which includes a wide range of cultural, recreational, and tourism-related activities. This data is a key indicator for analyzing the health and trends within Arizona's creative economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting methodologies.
Historical Context
Policymakers and industry analysts use this data to monitor the economic performance and contribution of Arizona's arts, culture, and entertainment sectors.
Key Facts
- This sector accounts for over 2% of Arizona's total GDP.
- The industry experienced a 15% decline in real GDP during the COVID-19 pandemic.
- Arizona's performing arts and museums have a significant economic multiplier effect.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real 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 data provides important insights into the economic performance and contribution of Arizona's creative industries, which are crucial for understanding the state's overall economic health and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this data to monitor the economic performance and contribution of Arizona's arts, culture, and entertainment sectors, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: There may be some delays in data availability, as the Bureau of Economic Analysis releases this information on a quarterly basis with a lag.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arizona (AZPRFRMSPRTMSMRGSP), retrieved from FRED.