Gross Domestic Product: Food Services and Drinking Places (722) in South Carolina
SCFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,275.00
Year-over-Year Change
143.36%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in South Carolina series measures the economic output of the food service and drinking establishment sector in the state. This metric is a key indicator of consumer spending and the health of the hospitality industry.
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 data series represents the total inflation-adjusted dollar value of goods and services produced by food service and drinking establishments located in South Carolina. It is a component of the overall Gross Domestic Product for the state and can provide insights into consumer behavior and the broader service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
Policymakers and economists monitor this metric to assess the strength of the hospitality sector and consumer demand within South Carolina.
Key Facts
- South Carolina's food services and drinking places GDP was $7.6 billion in 2021.
- This sector accounts for approximately 2% of the state's total economic output.
- The GDP of this industry in South Carolina has grown by 18% since 2015.
FAQs
Q: What does this economic trend measure?
A: This series measures the total economic output of the food services and drinking places industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending patterns and the health of the hospitality sector, which are important indicators of broader economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this metric to assess the strength of the hospitality sector and consumer demand within South Carolina, which can inform economic and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in South Carolina (SCFOODDPNGSP), retrieved from FRED.