Gross Domestic Product: Accommodation (721) in the District of Columbia
DCACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,685.80
Year-over-Year Change
71.32%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in the District of Columbia series measures the economic output of the accommodation industry in the District of Columbia. This metric provides insight into the health and performance of the local 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 Gross Domestic Product: Accommodation (721) in the District of Columbia represents the value added by the accommodation industry, which includes hotels, motels, and other lodging facilities, to the overall economy of the District of Columbia. This data is used by policymakers and economists to analyze trends in the local hospitality industry and its contribution to the region's economic growth.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level production and income statistics.
Historical Context
The accommodation industry GDP data helps inform decisions related to economic development, tourism promotion, and fiscal policy in the District of Columbia.
Key Facts
- The accommodation industry accounts for approximately 2% of the District of Columbia's GDP.
- GDP in the DC accommodation sector has grown by an average of 3.5% annually over the past decade.
- The accommodation industry employs over 15,000 people in the District of Columbia.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Accommodation (721) in the District of Columbia series measures the economic output of the accommodation industry, including hotels, motels, and other lodging facilities, in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the health and performance of the local hospitality sector, which is an important contributor to the District of Columbia's economy. It helps inform decisions related to economic development, tourism promotion, and fiscal policy.
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 production and income statistics.
Q: How is this trend used in economic policy?
A: The accommodation industry GDP data helps policymakers and economists analyze trends in the local hospitality sector and its contribution to the District of Columbia's economic growth, informing decisions related to economic development, tourism promotion, and fiscal policy.
Q: Are there update delays or limitations?
A: The accommodation industry GDP data is typically published on a quarterly basis with a lag of several months, reflecting the time required to collect and process the underlying data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in the District of Columbia (DCACCOMDNGSP), retrieved from FRED.