Real Gross Domestic Product: Accommodation (721) in the District of Columbia
DCACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,101.40
Year-over-Year Change
12.75%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Accommodation (721) in the District of Columbia measures the total economic output of the accommodation industry in D.C., adjusted for inflation. This trend is a key indicator of 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
This series represents the real, inflation-adjusted GDP contribution of the accommodation industry, which includes hotels, motels, and other lodging providers, within the District of Columbia. It is used by economists and policymakers to analyze the state of the local economy and the performance of the tourism and hospitality sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and surveys.
Historical Context
Trends in this metric can inform policy decisions related to tourism, business development, and infrastructure investment in the District of Columbia.
Key Facts
- The accommodation industry accounts for over 5% of D.C.'s total GDP.
- Real GDP in the D.C. accommodation sector has grown by 15% over the past 5 years.
- The COVID-19 pandemic caused a 25% decline in real GDP for the D.C. accommodation industry in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted Gross Domestic Product (GDP) contribution of the accommodation industry, including hotels and other lodging providers, within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the health and performance of the local tourism and hospitality sectors in D.C., which are key drivers of the city's 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 a variety of economic indicators and surveys.
Q: How is this trend used in economic policy?
A: Trends in this metric can inform policy decisions related to tourism, business development, and infrastructure investment in the District of Columbia.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in the District of Columbia (DCACCOMDRGSP), retrieved from FRED.