Gross Domestic Product: Accommodation and Food Services (72) in North Carolina
NCACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,435.20
Year-over-Year Change
133.46%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) of the accommodation and food services sector in North Carolina. It provides insights into the economic performance and activity of this vital industry 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 Gross Domestic Product: Accommodation and Food Services (72) in North Carolina series represents the total economic output of the accommodation and food services industry in the state. This metric is a key indicator of the health and growth of the hospitality and tourism sectors, which are crucial components of North Carolina's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this trend to understand the economic conditions and development of North Carolina's accommodation and food services sector.
Key Facts
- North Carolina's accommodation and food services sector accounts for over 10% of the state's total GDP.
- The industry employs more than 500,000 people in North Carolina, making it a major employer.
- GDP in this sector has grown by an average of 3% annually over the past decade in North Carolina.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or gross domestic product (GDP) of the accommodation and food services sector in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the performance and contribution of the hospitality and tourism industries to North Carolina's overall economic activity and growth.
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 and industry analysts use this trend to monitor the economic conditions and development of North Carolina's accommodation and food services sector, which is a crucial component of the state's economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in North Carolina (NCACCFDNGSP), retrieved from FRED.