Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts
MAACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,497.20
Year-over-Year Change
31.73%
Date Range
1/1/2005 - 1/1/2025
Summary
This trend measures the Gross Domestic Product (GDP) of the Accommodation and Food Services sector in Massachusetts. It is an important indicator of economic activity and consumer spending in the state.
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 Accommodation and Food Services sector comprises establishments providing customers with lodging and/or preparing meals, snacks, and beverages for immediate consumption. This GDP trend provides insight into the performance of this key industry within the Massachusetts economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this metric to gauge the health of Massachusetts' hospitality and tourism industries.
Key Facts
- Massachusetts' Accommodation and Food Services sector accounts for about 3.5% of the state's total GDP.
- This GDP trend reached a record high of $16.7 billion in Q4 2019 before declining during the COVID-19 pandemic.
- The sector employs over 350,000 workers in Massachusetts, making it a major contributor to the state's labor market.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Accommodation and Food Services sector in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance of a key industry in the Massachusetts economy, which is important for policymakers, businesses, and consumers to monitor.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this GDP metric to gauge the health of Massachusetts' hospitality and tourism industries, which are important drivers of economic activity and employment in the state.
Q: Are there update delays or limitations?
A: There may be lags in the availability of the most recent data, as the GDP figures are released on a quarterly basis by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts (MAACCOMDNQGSP), retrieved from FRED.