Chain-Type Quantity Index for Real GDP: Accommodation (721) in North Carolina
NCACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.32
Year-over-Year Change
57.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in North Carolina measures the real output of the accommodation industry in the state. This metric is important for economists and policymakers to understand industry-level economic trends and the drivers of overall state GDP growth.
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 Chain-Type Quantity Index for Real GDP tracks the real (inflation-adjusted) output of a specific industry or sector within a state's economy. In this case, the index focuses on the accommodation industry (NAICS code 721) in North Carolina, providing insight into the real growth or contraction of that sector over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Historical Context
This industry-level metric can inform policy decisions and private sector analysis of economic conditions and growth prospects in North Carolina.
Key Facts
- North Carolina's accommodation industry accounts for over 3% of the state's total GDP.
- The accommodation sector experienced a sharp decline during the COVID-19 pandemic.
- This index is a component of the broader North Carolina real GDP measure.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation (721) in North Carolina measures the real output of the accommodation industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance of a key industry within North Carolina's economy, informing economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Q: How is this trend used in economic policy?
A: This industry-level metric can inform policy decisions and private sector analysis of economic conditions and growth prospects in North Carolina.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as the broader North Carolina GDP figures.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in North Carolina (NCACCOMDQGSP), retrieved from FRED.