Real Gross Domestic Product: Accommodation (721) in Louisiana
LAACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,315.00
Year-over-Year Change
-0.54%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) for the accommodation sector (NAICS code 721) in the state of Louisiana. It provides insights into the economic performance and trends of the state's accommodation industry.
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: Accommodation (721) in Louisiana series is a key economic indicator that tracks the inflation-adjusted output of the accommodation sector, which includes hotels, motels, and other lodging facilities, in the state of Louisiana. This metric is used by economists and policymakers to analyze the health and growth of the state's tourism and hospitality industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
This trend is relevant for understanding the state's economic conditions, as the accommodation sector is an important contributor to Louisiana's overall economic activity and employment.
Key Facts
- Louisiana's accommodation sector accounts for approximately 3% of the state's total GDP.
- The accommodation industry in Louisiana employs over 50,000 people.
- Real GDP for the accommodation sector in Louisiana has grown by 15% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the accommodation sector (NAICS code 721) in the state of Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and growth of Louisiana's tourism and hospitality industry, which is an important contributor to the state's overall economic activity.
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 income and product accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and growth of Louisiana's accommodation sector, which can inform decisions related to tourism, infrastructure, and economic development.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Louisiana (LAACCOMDRGSP), retrieved from FRED.