Gross Domestic Product: Food Services and Drinking Places (722) in the District of Columbia
DCFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,070.50
Year-over-Year Change
136.52%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in the District of Columbia measures the economic output of the food services and drinking establishments sector in the Washington, D.C. metropolitan area. This metric is important for analyzing regional economic trends and the health of the local hospitality industry.
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 total value added by food services and drinking places in the District of Columbia, which includes restaurants, bars, cafes, and other food and beverage establishments. It provides insight into consumer spending patterns and the strength of the local service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
Policymakers and businesses use this metric to understand the state of the Washington, D.C. economy and its service industry.
Key Facts
- The District of Columbia's food services and drinking places sector accounted for over $5 billion in GDP in 2021.
- This industry represented approximately 3% of D.C.'s total economic output that year.
- The sector saw a sharp decline during the COVID-19 pandemic but has been recovering since 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added by the food services and drinking places industry in the District of Columbia, including restaurants, bars, and other food and beverage establishments.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer spending patterns, the health of the local hospitality sector, and the overall strength of the Washington, D.C. 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 surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to understand the state of the Washington, D.C. economy and its service industry, which can inform economic development strategies and investment decisions.
Q: Are there update delays or limitations?
A: The data is subject to revision and may have a lag of several months between the reference period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in the District of Columbia (DCFOODDPNGSP), retrieved from FRED.