Gross Domestic Product: Accommodation (721) in Illinois
ILACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,276.10
Year-over-Year Change
132.61%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Accommodation (721) in Illinois' series measures the economic output of the accommodation sector in Illinois. This metric is crucial for understanding the health and trends of Illinois' tourism and hospitality industries.
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 gross domestic product (GDP) generated by the accommodation industry, specifically NAICS code 721, within the state of Illinois. It provides insights into the performance and contribution of the accommodation sector to Illinois' overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP statistics.
Historical Context
Policymakers and industry analysts use this data to monitor the economic conditions and trends in Illinois' tourism and hospitality sectors.
Key Facts
- Illinois' accommodation sector generated $7.2 billion in GDP in 2021.
- The accommodation industry accounts for 1.2% of Illinois' total GDP.
- GDP in the Illinois accommodation sector grew by 3.5% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the accommodation industry (NAICS code 721) within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of Illinois' tourism and hospitality sectors, which are crucial for understanding the state's overall economic health and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this data to monitor the economic conditions and trends in Illinois' tourism and hospitality sectors, which informs policy decisions and industry strategies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, so there may be delays in accessing the most recent information. Additionally, the data is subject to periodic revisions by the BEA.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Illinois (ILACCOMDNGSP), retrieved from FRED.