Gross Domestic Product: Accommodation (721) in Montana
MTACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,418.90
Year-over-Year Change
201.19%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Montana measures the economic output of the accommodation industry in the state. This data point is important for analyzing regional economic trends and the performance of the tourism sector.
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 series represents the gross domestic product (GDP) contribution of the accommodation industry (NAICS code 721) within the state of Montana. Economists use this metric to understand the size and growth of Montana's tourism and hospitality economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Policymakers and businesses monitor this trend to inform decisions around tourism infrastructure, workforce development, and economic diversification.
Key Facts
- Montana's accommodation GDP was $1.3 billion in 2021.
- The accommodation sector accounts for 3.2% of Montana's total GDP.
- Montana's accommodation GDP grew by 15.8% from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the accommodation industry (NAICS code 721) within the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for analyzing the size, growth, and economic impact of Montana's tourism and hospitality sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and businesses monitor this trend to inform decisions around tourism infrastructure, workforce development, and economic diversification in Montana.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Montana (MTACCOMDNGSP), retrieved from FRED.