Real Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts
MAACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,766.10
Year-over-Year Change
6.34%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry 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 Real Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts series tracks the inflation-adjusted output of the accommodation and food services sector, which includes hotels, restaurants, and other hospitality businesses. This metric provides insights into the health and performance of a key industry in the Massachusetts economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This economic trend is closely monitored by policymakers, investors, and industry analysts to assess the strength of Massachusetts' tourism and consumer-facing sectors.
Key Facts
- Massachusetts' accommodation and food services sector accounts for over 6% of the state's total GDP.
- Real GDP in this industry has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic caused a 25% decline in this metric in 2020 before a partial recovery in 2021.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real, inflation-adjusted gross domestic product (GDP) of the accommodation and food services industry in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and health of a key consumer-facing sector in the Massachusetts economy, which is closely watched by policymakers, investors, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the strength of Massachusetts' tourism and hospitality industries, which are important drivers of economic activity and employment in the state.
Q: Are there update delays or limitations?
A: This data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts (MAACCOMDRQGSP), retrieved from FRED.