Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in the District of Columbia
DCPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,121.60
Year-over-Year Change
39.14%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in the District of Columbia. It provides insights into the economic performance and growth of this important cultural and entertainment 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
The Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in the District of Columbia metric tracks the inflation-adjusted output of this industry in the nation's capital. It is a key indicator of the health and vitality of Washington D.C.'s cultural and tourism-related economy.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this trend to assess the economic impact of Washington D.C.'s arts, entertainment, and cultural institutions.
Key Facts
- The performing arts, spectator sports, museums, and related activities industry accounts for over 4% of Washington D.C.'s GDP.
- This sector has seen steady growth over the past decade, outpacing the overall D.C. economy.
- Museums and cultural institutions are a major draw for visitors to the nation's capital.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and growth of an important cultural and tourism-related sector in Washington D.C.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to assess the economic impact of Washington D.C.'s arts, entertainment, and cultural institutions.
Q: Are there update delays or limitations?
A: The data is subject to the typical publication schedule and revision processes of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in the District of Columbia (DCPRFRMSPRTMSMRGSP), retrieved from FRED.