Chain-Type Quantity Index for Real GDP: Accommodation (721) in Louisiana
LAACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
71.40
Year-over-Year Change
-0.54%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Louisiana measures the real output of the accommodation industry in Louisiana over time. This metric is important for economists and policymakers to understand the economic performance of the state's tourism and hospitality sectors.
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 index tracks the real, inflation-adjusted output of the accommodation industry in Louisiana, which includes hotels, motels, and other lodging providers. It is a useful indicator of economic activity and consumer demand in the state's travel and tourism sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This metric is used by economists, analysts, and policymakers to gauge the health of Louisiana's service and hospitality industries.
Key Facts
- Louisiana's accommodation industry accounts for over 3% of the state's total real GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- Tourism is a major driver of Louisiana's economy, generating over $1.9 billion in tax revenue.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Louisiana measures the real, inflation-adjusted output of the accommodation industry in the state, including hotels, motels, and other lodging providers.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the economic performance and consumer demand in Louisiana's travel and tourism sectors, which are critical components of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Economists, analysts, and policymakers use this metric to gauge the health of Louisiana's service and hospitality industries, which inform economic and tourism-related policies in the state.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Louisiana (LAACCOMDQGSP), retrieved from FRED.