Gross Domestic Product: Accommodation (721) in Nebraska
NEACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
726.10
Year-over-Year Change
85.23%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the Accommodation (NAICS 721) industry in Nebraska measures the total economic output of this sector within the state. This metric is important for understanding Nebraska's economic composition and performance.
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 Accommodation GDP represents the total value of goods and services produced by businesses in the hotel, motel, and other lodging industries in Nebraska. It is a key indicator of activity and growth within this important service sector of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
Policymakers and economists monitor this metric to assess the health and competitiveness of Nebraska's tourism and hospitality industries.
Key Facts
- Nebraska's Accommodation GDP totaled $1.4 billion in 2021.
- This sector accounts for 1.3% of Nebraska's overall state GDP.
- Accommodation GDP grew by 8.2% in Nebraska from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for the Accommodation (NAICS 721) industry in Nebraska, which represents the total economic output of this sector within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the composition and performance of Nebraska's economy, particularly the health and competitiveness of the state's tourism and hospitality industries.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this Accommodation GDP metric to assess the health and competitiveness of Nebraska's tourism and hospitality industries, which are important contributors to the state's overall economic performance.
Q: Are there update delays or limitations?
A: The Accommodation GDP data for Nebraska is typically published by the BEA on a quarterly basis, with a lag of several months from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Nebraska (NEACCOMDNGSP), retrieved from FRED.