Real Gross Domestic Product: Accommodation and Food Services (72) in Illinois
ILACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,782.20
Year-over-Year Change
2.22%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Accommodation and Food Services (72) in Illinois measures the economic output of this industry sector in the state. It provides insight into the overall health and productivity of Illinois' hospitality and tourism-related businesses.
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, inflation-adjusted GDP contribution of the Accommodation and Food Services industry in Illinois. It is a key indicator of the state's economic performance and consumer demand in the hospitality sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Policymakers and analysts use this metric to gauge the strength of Illinois' service-based economy and make informed decisions.
Key Facts
- Illinois' hospitality sector accounts for over 10% of its total GDP.
- The industry was hit hard by the COVID-19 pandemic, seeing a 20% decline in 2020.
- Accommodation and food services is a major employer in Illinois, providing over 600,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) contribution of the Accommodation and Food Services industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the overall health and productivity of Illinois' hospitality and tourism-related businesses, which is a key sector 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 as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the strength of Illinois' service-based economy and make informed decisions about supporting the hospitality industry.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Illinois (ILACCOMDRQGSP), retrieved from FRED.