Real Gross Domestic Product: Accommodation (721) in Delaware
DEACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
364.80
Year-over-Year Change
71.43%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Accommodation (721) in Delaware' series measures the real output of the accommodation industry in Delaware, adjusted for inflation. This metric is important for understanding the health and performance of Delaware's tourism and hospitality sectors.
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 real gross domestic product, or real output, of the accommodation industry (NAICS code 721) in the state of Delaware. It provides insight into the size and growth of this key economic sector, which includes hotels, motels, and other lodging facilities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP accounts.
Historical Context
This economic trend is closely watched by policymakers, industry analysts, and investors to gauge the strength of Delaware's tourism industry and broader economic conditions.
Key Facts
- Delaware's accommodation industry accounts for approximately 2.5% of the state's total GDP.
- Real GDP in Delaware's accommodation sector grew by 3.8% in 2021 compared to the prior year.
- The COVID-19 pandemic significantly impacted Delaware's accommodation industry, with real GDP declining 25% in 2020.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product, or real output, of the accommodation industry (NAICS code 721) in the state of Delaware, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the health and performance of Delaware's tourism and hospitality sectors, which are key drivers of the state's 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 state-level GDP accounts.
Q: How is this trend used in economic policy?
A: This economic trend is closely watched by policymakers, industry analysts, and investors to gauge the strength of Delaware's tourism industry and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Delaware (DEACCOMDRGSP), retrieved from FRED.