Real Gross Domestic Product: Food Services and Drinking Places (722) in the District of Columbia
DCFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,791.10
Year-over-Year Change
30.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in the District of Columbia measures the inflation-adjusted economic output of the food services and drinking places industry in the District of Columbia. This trend is a key indicator of consumer spending and the health 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, or inflation-adjusted, value added by the food services and drinking places industry (NAICS 722) in the District of Columbia. It is an important metric for assessing the performance and contribution of this sector to the overall District economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Historical Context
Policymakers and analysts use this trend to gauge consumer demand, business conditions, and the broader economic climate in the District of Columbia.
Key Facts
- The food services and drinking places industry accounts for over 4% of the District of Columbia's GDP.
- This trend reached a peak of $2.8 billion in real terms in 2019 before declining during the COVID-19 pandemic.
- Washington, D.C. has one of the highest concentrations of food services and drinking establishments per capita in the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the food services and drinking places industry (NAICS 722) in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of consumer spending, business conditions, and the overall health of the hospitality sector in the District of Columbia.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the performance of the hospitality industry and its contribution to the District of Columbia's economy, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
Related Trends
Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in the District of Columbia
DCWPMANQGSP
90% Confidence Interval Lower Bound of Estimate of People of All Ages in Poverty for District of Columbia
PECILBAADC11000A647NCEN
Real Per Capita Personal Income for District of Columbia
DCRPIPC
Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in the District of Columbia
DCDURMANNQGSP
High-Propensity Business Applications for District of Columbia
HBUSAPPWNSADCYY
Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the District of Columbia
DCARTETRTACCFDNGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in the District of Columbia (DCFOODDPRGSP), retrieved from FRED.