Gross Domestic Product: Accommodation (721) in Massachusetts
MAACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,865.80
Year-over-Year Change
100.40%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Massachusetts trend measures the economic output of the accommodation industry in the state. This metric is important for policymakers and analysts to understand the health and 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 trend represents the total value added to Massachusetts' GDP by the accommodation industry, which includes hotels, motels, and other lodging establishments. It is a key indicator of activity and demand in the state's travel and tourism economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Policymakers and businesses use this trend to gauge the strength of Massachusetts' hospitality industry and make informed decisions.
Key Facts
- Massachusetts' accommodation GDP was $5.9 billion in 2021.
- The accommodation industry accounts for 1.2% of Massachusetts' total GDP.
- The trend shows a 25% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the accommodation industry in the state of Massachusetts, including hotels, motels, and other lodging establishments.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of activity and demand in Massachusetts' travel and tourism economy, which is a key sector for the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to gauge the strength of Massachusetts' hospitality industry and make informed decisions about economic development, tourism promotion, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so there may be delays in reflecting the latest economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Massachusetts (MAACCOMDNGSP), retrieved from FRED.