Real Gross Domestic Product: Accommodation and Food Services (72) in North Carolina
NCACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,286.00
Year-over-Year Change
31.86%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) for the accommodation and food services industry in North Carolina. It provides insights into the economic performance and growth of this key sector 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: Accommodation and Food Services (72) in North Carolina series represents the inflation-adjusted value-added output of businesses in the accommodation and food services industry. This metric is used by economists and policymakers to assess the overall health and productivity of this important service sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methodologies.
Historical Context
This trend is closely monitored by state and local governments, as well as businesses and investors, to understand the economic conditions and consumer demand in North Carolina's hospitality and tourism-related industries.
Key Facts
- North Carolina's accommodation and food services industry accounts for over 10% of the state's total GDP.
- The real GDP for this sector has grown by an average of 3% annually over the past decade.
- The COVID-19 pandemic led to a sharp decline in 2020, but the industry has since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the accommodation and food services industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the economic performance and growth of North Carolina's hospitality and tourism-related sectors, which are important drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methodologies.
Q: How is this trend used in economic policy?
A: State and local governments, as well as businesses and investors, closely monitor this trend to understand the economic conditions and consumer demand in North Carolina's accommodation and food services industry, which informs policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
Related Trends
Chain-Type Quantity Index for Real GDP: Support Activities for Mining (213) in North Carolina
NCSAMINQGSP
Gross Domestic Product: Other Transportation Equipment Manufacturing (3364-3466, 3369) in North Carolina
NCOTRANEQMANNGSP
Coefficient for Transportation Carbon Dioxide Emissions, Lubricants for North Carolina
EMISSCO2CLUACBNCA
Administrative and Waste Services Earnings in North Carolina
NCEADM
All Employees: Government in North Carolina
SMU37000009000000001A
Deposits in National Commercial Member Banks in North Carolina
X08TDCBMBNNC
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in North Carolina (NCACCFDRGSP), retrieved from FRED.