Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Indiana
INPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,022.90
Year-over-Year Change
37.32%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in Indiana. It provides insights into the economic performance and productivity of this important 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 Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Indiana trend tracks the inflation-adjusted GDP of businesses engaged in live performances, exhibitions, and related recreational activities in the state. This data is used by economists and policymakers to analyze the overall health and contribution of Indiana's arts, entertainment, and cultural industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounting principles.
Historical Context
This trend is relevant for understanding the economic impact of Indiana's vibrant arts, culture, and tourism sectors and informing related policy decisions.
Key Facts
- Indiana's performing arts, sports, and museums account for over $2 billion in GDP.
- This sector has seen steady growth of around 3% annually over the past decade.
- The COVID-19 pandemic significantly impacted this industry, with a 25% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of businesses in Indiana engaged in performing arts, spectator sports, museums, and related recreational activities.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the economic performance and productivity of Indiana's arts, entertainment, and cultural industries, which are important contributors to the state's economy and quality of life.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the economic impact of Indiana's vibrant arts, culture, and tourism sectors and informing related policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical release lag of 2-3 months. There may be revisions to previously published figures as additional source data becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Indiana (INPRFRMSPRTMSMRGSP), retrieved from FRED.