Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in North Carolina
NCPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,947.90
Year-over-Year Change
74.92%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the performing arts, spectator sports, museums, and related activities sector in North Carolina. It provides insights into the economic performance and contribution of this important cultural and entertainment industry 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 GDP for the performing arts, spectator sports, museums, and related activities sector in North Carolina represents the total value of goods and services produced by this industry. It is a key indicator of the sector's economic health and importance to the state's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This trend is closely watched by policymakers, economic development agencies, and industry stakeholders to understand the dynamics of the cultural and entertainment sector in North Carolina.
Key Facts
- North Carolina's performing arts, spectator sports, museums, and related activities sector contributed $4.2 billion to the state's GDP in 2020.
- This industry accounts for approximately 1.4% of North Carolina's total economic output.
- The sector experienced a 25.3% decline in GDP in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the performing arts, spectator sports, museums, and related activities sector in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and contribution of the cultural and entertainment industry within North Carolina, which is crucial for policymakers, economic development agencies, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is closely watched by policymakers, economic development agencies, and industry stakeholders to understand the dynamics of the cultural and entertainment sector in North Carolina and inform economic policies and strategies.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Bureau of Economic Analysis's regional GDP estimates.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in North Carolina (NCPRFRMSPRTMSMNGSP), retrieved from FRED.