Gross Domestic Product: Accommodation and Food Services (72) in the District of Columbia
DCACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,278.30
Year-over-Year Change
47.21%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Accommodation and Food Services (72) in the District of Columbia measures the economic output of this industry sector in the nation's capital. It is an important indicator for understanding the health and growth of the District's tourism and hospitality-driven economy.
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
This series tracks the real gross domestic product (GDP) for the Accommodation and Food Services industry (NAICS code 72) within the District of Columbia. It represents the total value of goods and services produced by this sector, adjusting for inflation to provide a measure of real economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
Analysts and policymakers use this metric to gauge the strength of the District's tourism and service-oriented economy and make informed decisions.
Key Facts
- The Accommodation and Food Services sector accounts for over 9% of DC's total GDP.
- This industry has seen steady growth in recent years, reflecting the District's thriving tourism industry.
- The COVID-19 pandemic had a significant negative impact on this sector in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the Accommodation and Food Services industry (NAICS code 72) within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the health and growth of the District's tourism and hospitality-driven economy, which is a key driver of economic activity in the nation's capital.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to gauge the strength of the District's service-oriented economy and make informed decisions about economic development, tourism promotion, and other policy initiatives.
Q: Are there update delays or limitations?
A: There may be delays in the availability of the most recent data, as it is subject to the publication schedule of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in the District of Columbia (DCACCOMDNQGSP), retrieved from FRED.