Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Wisconsin
WIPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,197.00
Year-over-Year Change
88.58%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Wisconsin. It provides insights into the economic performance and contribution of this important industry within the state.
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 Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Wisconsin trend represents the total economic output generated by these cultural and recreational activities in the state. It is a key indicator for understanding the size and growth of this sector and its impact on the broader Wisconsin economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP estimates.
Historical Context
This trend is closely watched by policymakers, economists, and industry stakeholders to gauge the health and competitiveness of Wisconsin's performing arts, sports, and cultural institutions.
Key Facts
- Wisconsin's performing arts, sports, and museums sector generated over $2 billion in GDP in 2021.
- This industry accounts for approximately 1.5% of the state's total economic output.
- The sector has seen steady growth over the past decade, outpacing the overall state economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) generated by the performing arts, spectator sports, museums, and related activities industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic importance and performance of Wisconsin's cultural and recreational sectors, which are key contributors to the state's overall economic activity and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry stakeholders closely monitor this trend to gauge the health and growth of Wisconsin's performing arts, sports, and cultural institutions, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a several-month delay, and may be subject to revisions as more complete information becomes available. Additionally, the level of detail and industry classification can vary over time, which may affect the comparability of the trend.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Wisconsin (WIPRFRMSPRTMSMNGSP), retrieved from FRED.