Real Gross Domestic Product: Accommodation (721) in Maryland
MDACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,054.40
Year-over-Year Change
42.18%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the accommodation industry in the state of Maryland. It provides insights into the performance and contribution of the state's hotel and lodging sector to the overall economy.
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 Maryland metric tracks the inflation-adjusted output of the accommodation industry, which includes hotels, motels, and other lodging establishments. This data is useful for analyzing the health and growth of the state's tourism and hospitality sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product account (NIPA) methodologies.
Historical Context
Policymakers and industry analysts monitor this trend to assess the impact of economic conditions, regulations, and other factors on Maryland's accommodation sector.
Key Facts
- Maryland's accommodation sector accounts for approximately 3% of the state's total GDP.
- The accommodation industry employs over 50,000 people in Maryland.
- Real GDP in Maryland's accommodation sector has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the accommodation industry in the state of Maryland, which includes hotels, motels, and other lodging establishments.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of Maryland's tourism and hospitality sectors to the overall state economy, making it useful for policymakers and industry analysts.
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 income and product account (NIPA) methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts monitor this trend to assess the impact of economic conditions, regulations, and other factors on Maryland's accommodation sector.
Q: Are there update delays or limitations?
A: The data is typically published with a 2-3 month delay, 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 (721) in Maryland (MDACCOMDRGSP), retrieved from FRED.