Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Massachusetts
MAPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,637.50
Year-over-Year Change
48.27%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Massachusetts. It provides insights into the economic performance and contribution of this important cultural and entertainment industry within 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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Massachusetts series tracks the inflation-adjusted economic output of this industry group in the state. It is a key indicator of the sector's growth, productivity, and overall significance within the Massachusetts economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is closely monitored by policymakers, industry analysts, and economic development organizations to assess the health and competitiveness of Massachusetts' cultural and entertainment sectors.
Key Facts
- Massachusetts' performing arts, sports, and museum sectors account for over 3% of the state's total GDP.
- This industry group has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic significantly impacted this sector, with a 25% decline in real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the performing arts, spectator sports, museums, and related activities industry group in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and contribution of Massachusetts' cultural and entertainment sectors, which are important drivers of the state's economy and quality of life.
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 principles.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and economic development organizations closely monitor this trend to assess the health and competitiveness of Massachusetts' cultural and entertainment sectors, and to inform relevant economic policies and initiatives.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several quarters, 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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Massachusetts (MAPRFRMSPRTMSMRGSP), retrieved from FRED.