Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Illinois
ILARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,846.60
Year-over-Year Change
22.72%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the arts, entertainment, and recreation industry in Illinois. It provides important insights into the economic performance and contribution of this sector within the state.
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 GDP for the arts, entertainment, and recreation industry in Illinois reflects the total inflation-adjusted value of goods and services produced by this sector. It is a key indicator of the industry's economic activity and growth, which has implications for employment, consumer spending, and overall state economic conditions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP estimates.
Historical Context
This trend is closely watched by policymakers, businesses, and economic analysts to assess the health and dynamics of Illinois' creative and leisure industries.
Key Facts
- Illinois' arts, entertainment, and recreation industry accounts for over 3% of the state's total GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant negative impact on this industry in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and contribution of Illinois' creative and leisure industries, which have implications for employment, consumer spending, and the overall state economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is closely watched by policymakers, businesses, and economic analysts to assess the health and dynamics of Illinois' arts, entertainment, and recreation sector, which is an important driver of the state's economy.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be lags in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Illinois (ILARTENTRECRGSP), retrieved from FRED.