Gross Domestic Product: Accommodation (721) in Indiana
INACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,939.80
Year-over-Year Change
167.55%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Indiana series measures the economic output of the accommodation industry in the state of Indiana. This metric is important for understanding the performance and health of Indiana's tourism and hospitality 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 Gross Domestic Product: Accommodation (721) in Indiana series tracks the total economic output or value added by businesses in the accommodation industry, such as hotels, motels, and bed & breakfasts. This data provides insights into the scale and growth of Indiana's tourism economy.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry estimates.
Historical Context
Policymakers and economists use this data to assess the contribution of Indiana's accommodation industry to the overall state economy and make informed decisions about economic development and tourism policies.
Key Facts
- Indiana's accommodation industry contributed $2.3 billion to the state's GDP in 2021.
- The accommodation sector accounts for 1.4% of Indiana's total economic output.
- GDP from Indiana's accommodation industry grew by 6.2% in 2021 compared to the previous year.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Accommodation (721) in Indiana series measures the total economic output or value added by businesses in the accommodation industry, such as hotels, motels, and bed & breakfasts, within the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the scale and growth of Indiana's tourism economy, which is an important sector for the state's overall economic performance. Policymakers and economists use this information to assess the contribution of the accommodation industry and make informed decisions about economic development and tourism policies.
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 their GDP by industry estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to evaluate the performance and importance of Indiana's accommodation industry within the state's overall economy, and to inform decisions about economic development, tourism promotion, and other relevant policies.
Q: Are there update delays or limitations?
A: The Gross Domestic Product: Accommodation (721) in Indiana data is typically released with a lag of several months, so the most recent figures may not reflect the current economic situation.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Indiana (INACCOMDNGSP), retrieved from FRED.