Gross Domestic Product: Accommodation (721) in South Carolina
SCACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,093.00
Year-over-Year Change
134.37%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in South Carolina measures the economic output of the accommodation industry in the state. This statistic is important for policymakers and economists to understand regional economic trends and the relative performance of different sectors.
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
This series represents the gross domestic product originating from the accommodation industry (NAICS code 721) in the state of South Carolina. It is a key indicator of the health and growth of the tourism and hospitality sectors within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Analysts and policymakers use this data to assess the economic conditions and competitiveness of South Carolina's accommodation industry relative to other states and the national average.
Key Facts
- South Carolina's accommodation GDP was $4.9 billion in 2021.
- The accommodation sector accounts for 2.4% of South Carolina's total GDP.
- Accommodation GDP in South Carolina grew by 12.5% in 2021 after declining in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) originating from the accommodation industry (NAICS code 721) in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the performance and economic impact of South Carolina's tourism and hospitality sectors, which are key 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 as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the competitiveness and growth of South Carolina's accommodation industry, informing decisions on economic development, tourism promotion, and related policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
Related Trends
All Employees: Accommodation and Food Services in South Carolina
SMU45000007072000001A
Projected Business Formations Within Eight Quarters: Total for All NAICS in South Carolina
BFPBF8QTOTALNSASC
Gross Domestic Product: Professional and Business Services (54, 55, 56) in South Carolina
SCPROBUSNGSP
Average Weekly Hours of All Employees: Goods Producing in South Carolina
SMU45000000600000002A
Real Personal Income: Metropolitan Portion for South Carolina
SCMPRPI
Value of Exports to Italy from South Carolina
SCITAA052SCEN
Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in South Carolina (SCACCOMDNGSP), retrieved from FRED.