Real Gross Domestic Product: Accommodation (721) in Indiana
INACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,300.10
Year-over-Year Change
76.09%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Accommodation (721) in Indiana' metric measures the real output of the accommodation industry in the state of Indiana. This data point is a key economic indicator for understanding the performance of Indiana's travel and tourism 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
This series represents the inflation-adjusted value added by the accommodation industry (NAICS code 721) to Indiana's gross domestic product. It is a useful measure for analyzing the economic conditions and growth trends within Indiana's hospitality and lodging industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Policymakers and businesses closely monitor this metric to gauge the health of Indiana's tourism and travel economy.
Key Facts
- Indiana's accommodation industry contributed $4.2 billion to state GDP in 2021.
- The accommodation sector accounts for 1.7% of Indiana's total economic output.
- Real GDP in Indiana's accommodation industry grew by 7.2% in 2021 after declining in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted value added by Indiana's accommodation industry (NAICS 721) to the state's overall gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This data point is a key indicator of the performance and economic contribution of Indiana's travel, tourism, and hospitality sectors, which are important 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 established national accounting frameworks and methodology.
Q: How is this trend used in economic policy?
A: Policymakers and businesses monitor this metric to gauge the health of Indiana's tourism economy and inform decisions related to economic development, infrastructure investment, and support for the hospitality industry.
Q: Are there update delays or limitations?
A: The data is published with a lag of several quarters, so it may not reflect the most recent economic conditions. Additionally, the accommodation industry data is a subset of the broader service-producing sector, so it does not provide a complete picture of Indiana's overall economic activity.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Indiana (INACCOMDRGSP), retrieved from FRED.