Real Gross Domestic Product: Accommodation (721) in Pennsylvania
PAACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,627.70
Year-over-Year Change
32.86%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation industry in Pennsylvania. It is an important indicator of the state's economic performance and tourism 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 Real Gross Domestic Product: Accommodation (721) in Pennsylvania series tracks the inflation-adjusted output of the accommodation industry, which includes hotels, motels, and other lodging providers. This metric provides insight into the health and growth of Pennsylvania's tourism and hospitality sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
Policymakers and businesses use this trend to understand Pennsylvania's economic composition and make informed decisions.
Key Facts
- Pennsylvania's accommodation industry accounts for 2.1% of the state's total GDP.
- Real GDP in the Pennsylvania accommodation sector grew by 4.2% in 2021.
- The COVID-19 pandemic caused a 20.5% decline in Pennsylvania's accommodation GDP in 2020.
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 Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and growth of Pennsylvania's tourism and hospitality sectors, which are important 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 using established national accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to understand Pennsylvania's economic composition and make informed decisions about supporting the state's tourism and hospitality industries.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Pennsylvania (PAACCOMDRGSP), retrieved from FRED.