Gross Domestic Product: Arts, Entertainment, and Recreation (71) in the District of Columbia
DCARTENTRECNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,621.80
Year-over-Year Change
75.88%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) for the arts, entertainment, and recreation sector in the District of Columbia. It provides insights into the economic activity and performance of this key industry in the nation's capital.
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: Arts, Entertainment, and Recreation (71) in the District of Columbia series tracks the total economic output of businesses and organizations in the arts, entertainment, and recreation sector within the District. This metric is used by economists and policymakers to analyze the health and growth of the creative economy in the region.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including industry surveys and government administrative records.
Historical Context
This economic trend is closely monitored by local and federal officials to inform policy decisions and investments that support the arts, entertainment, and tourism industries in the District of Columbia.
Key Facts
- The arts, entertainment, and recreation sector accounts for over 4% of the District of Columbia's GDP.
- Washington, D.C. is home to numerous museums, theaters, and other cultural institutions that drive significant economic activity.
- This industry experienced a sharp decline during the COVID-19 pandemic but has since shown signs of recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the arts, entertainment, and recreation sector in the District of Columbia, providing insights into the economic activity and performance of this key industry.
Q: Why is this trend relevant for users or analysts?
A: This metric is used by economists and policymakers to analyze the health and growth of the creative economy in the nation's capital, informing decisions and investments that support the arts, entertainment, and tourism industries.
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 sources, including industry surveys and government administrative records.
Q: How is this trend used in economic policy?
A: This economic trend is closely monitored by local and federal officials to inform policy decisions and investments that support the arts, entertainment, and tourism industries in the District of Columbia.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Bureau of Economic Analysis, which may result in slight delays or changes to the historical values.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, and Recreation (71) in the District of Columbia (DCARTENTRECNGSP), retrieved from FRED.