Gross Domestic Product: Accommodation (721) in Wisconsin
WIACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,516.70
Year-over-Year Change
83.54%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Wisconsin trend measures the total economic output of the accommodation industry in the state. This metric is crucial for understanding the performance and growth of Wisconsin's tourism and hospitality sector.
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 inflation-adjusted dollar value of goods and services produced by the accommodation industry (NAICS 721) in the state of Wisconsin. It is used by economists and policymakers to gauge the health and trajectory of Wisconsin's tourism economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP by industry estimates.
Historical Context
Tracking this accommodation industry output helps inform state and local economic development strategies, as well as private investment decisions in the tourism sector.
Key Facts
- Wisconsin's accommodation industry accounts for over 4% of the state's total GDP.
- The accommodation sector has seen steady growth in Wisconsin over the past decade.
- Fluctuations in this metric can signal changes in consumer travel and spending patterns.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total inflation-adjusted economic output of the accommodation industry (NAICS 721) in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and trajectory of Wisconsin's tourism and hospitality sector, which is a crucial part 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 by industry estimates.
Q: How is this trend used in economic policy?
A: Tracking accommodation industry output helps inform state and local economic development strategies, as well as private investment decisions in the tourism sector.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Wisconsin (WIACCOMDNGSP), retrieved from FRED.