Real Gross Domestic Product: Accommodation (721) in North Carolina
NCACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,468.20
Year-over-Year Change
57.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Accommodation (721) in North Carolina' measures the economic output of the accommodation industry in North Carolina, adjusted for inflation. This metric is important for understanding the health and performance of the state's tourism and hospitality sectors.
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 real gross domestic product (GDP) for the accommodation industry (NAICS code 721) in the state of North Carolina. It provides a measure of the inflation-adjusted economic activity and output within this key service sector, which includes hotels, motels, and other lodging facilities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economists to gauge the strength of North Carolina's tourism and travel economy.
Key Facts
- North Carolina's accommodation industry accounts for over 4% of the state's total GDP.
- The accommodation sector has experienced steady growth over the past decade in North Carolina.
- Trends in this metric help inform policy decisions related to infrastructure, taxes, and economic development.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the accommodation industry in the state of North Carolina, which includes hotels, motels, and other lodging facilities.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the health and performance of North Carolina's tourism and hospitality sectors, which are key 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 (BEA) as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Trends in this metric help inform policy decisions related to infrastructure, taxes, and economic development efforts targeting the tourism and accommodation industries in North Carolina.
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 reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in North Carolina (NCACCOMDRGSP), retrieved from FRED.