Chain-Type Quantity Index for Real GDP: Accommodation (721) in Pennsylvania
PAACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114.27
Year-over-Year Change
32.86%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Pennsylvania measures the real output of the accommodation sector in the state's economy. This metric is crucial for understanding economic growth and performance within Pennsylvania's tourism and hospitality industries.
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: Accommodation (721) in Pennsylvania is a measure of the real, inflation-adjusted output of the accommodation sector, which includes hotels, motels, and other lodging facilities. This index provides insight into the productivity and economic contribution of the state's tourism and hospitality industries.
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 used by economists, policymakers, and industry analysts to assess the health and growth of Pennsylvania's tourism sector and make informed decisions about economic development and policy.
Key Facts
- The index is based on 2012 as the reference year.
- Pennsylvania's accommodation sector accounts for around 1% of the state's total GDP.
- The index has shown steady growth in recent years, indicating a strengthening tourism industry.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Pennsylvania measures the real, inflation-adjusted output of the accommodation sector in the state's economy, including hotels, motels, and other lodging facilities.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of Pennsylvania's tourism and hospitality industries, which are crucial components 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 as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts use this trend to assess the health and growth of Pennsylvania's tourism sector and make informed decisions about economic development and policy.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as the Bureau of Economic Analysis's regional GDP estimates.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Pennsylvania (PAACCOMDQGSP), retrieved from FRED.