Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in North Carolina
NCARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,590.30
Year-over-Year Change
127.71%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic indicator tracks the Gross Domestic Product (GDP) for the arts, entertainment, recreation, accommodation, and food services sectors in North Carolina. It provides insights into the performance and contribution of these key industries to the state's overall economic activity.
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 NCARTETRTACCFDNGSP series represents the real GDP, adjusted for inflation, generated by North Carolina's arts, entertainment, recreation, accommodation, and food services industries. This metric is used by economists and policymakers to analyze the relative health and growth of these service-oriented sectors within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and administrative records.
Historical Context
Trends in this GDP series can inform policy decisions and business strategies related to tourism, leisure, and hospitality industries in North Carolina.
Key Facts
- North Carolina's arts, entertainment, recreation, accommodation, and food services sectors account for around 10% of the state's total GDP.
- This GDP series has grown by an average of 3% annually over the past decade.
- The accommodation and food services subsector makes up the largest share of this economic activity.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the real Gross Domestic Product (GDP) generated by the arts, entertainment, recreation, accommodation, and food services industries in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This GDP series provides important insights into the performance and contribution of North Carolina's service-oriented tourism and hospitality sectors, which are crucial to the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using economic surveys and administrative records.
Q: How is this trend used in economic policy?
A: Trends in this GDP series can inform policy decisions and business strategies related to tourism, leisure, and hospitality industries in North Carolina.
Q: Are there update delays or limitations?
A: There may be a several month delay in the availability of the most recent data points due to the time required for data collection and compilation.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in North Carolina (NCARTETRTACCFDNGSP), retrieved from FRED.