Gross Domestic Product: Accommodation and Food Services (72) in North Carolina
NCACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,899.80
Year-over-Year Change
28.66%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product (GDP) for the Accommodation and Food Services industry (NAICS code 72) in North Carolina measures the total economic output of this sector 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
This GDP series provides insights into the performance and size of the accommodation and food services industry, which includes hotels, restaurants, and other hospitality businesses. It is an important indicator of consumer spending and economic activity in North Carolina.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
Policymakers and analysts use this GDP data to assess the health and trends within North Carolina's hospitality and tourism-related industries.
Key Facts
- North Carolina's accommodation and food services GDP was $16.4 billion in 2020.
- This sector accounts for over 4% of North Carolina's total economic output.
- The GDP for this industry in North Carolina grew by 3.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Accommodation and Food Services industry (NAICS code 72) in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This GDP data provides important insights into the performance and size of North Carolina's hospitality and tourism-related industries, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this GDP data to assess the health and trends within North Carolina's accommodation and food services sector, which informs decisions around economic development and tourism policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in North Carolina (NCACCOMDNQGSP), retrieved from FRED.