Real Gross Domestic Product: Accommodation and Food Services (72) in the District of Columbia
DCACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,893.50
Year-over-Year Change
20.05%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in the District of Columbia. It provides insight into the performance and contribution of this sector to the local 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
The real GDP for the accommodation and food services industry in the District of Columbia is a key indicator of economic activity and growth in this important commercial sector. It is used by policymakers, analysts, and businesses to understand the strength and dynamics of the local hospitality industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is relevant for understanding the District of Columbia's economic development and the relative performance of the hospitality industry compared to other sectors.
Key Facts
- The accommodation and food services industry accounts for a significant portion of the District of Columbia's GDP.
- This trend has shown steady growth over the past decade, reflecting the city's thriving tourism and business travel sectors.
- The COVID-19 pandemic had a significant impact on this industry, leading to a sharp decline in real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation and food services industry in the District of Columbia. It provides a gauge of the economic performance and contribution of this sector to the local economy.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the strength and dynamics of the hospitality industry in the District of Columbia, which is a key driver of the local economy. It is used by policymakers, businesses, and analysts to monitor the performance of this sector and make informed decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economic development agencies to assess the health of the District of Columbia's hospitality industry and inform policies and initiatives aimed at supporting and promoting this important sector.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, and there may be some delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in the District of Columbia (DCACCOMDRQGSP), retrieved from FRED.