Chain-Type Quantity Index for Real GDP: Accommodation (721) in Massachusetts
MAACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114.64
Year-over-Year Change
31.89%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Massachusetts measures the real output of the accommodation industry in the state. This is an important indicator for understanding economic activity and trends in the 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 index tracks the quantity of real GDP produced by the accommodation industry in Massachusetts. It is used by economists and policymakers to analyze the performance of the state's hospitality sector and its contribution to overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using survey information on accommodation industry activity.
Historical Context
This trend provides insights into consumer demand and business investment in Massachusetts's tourism and travel markets.
Key Facts
- Massachusetts is a major tourism destination in the U.S.
- The accommodation industry accounts for over 5% of the state's GDP.
- The index showed a sharp decline during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output or quantity of GDP produced by the accommodation industry in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of Massachusetts's hospitality sector to the overall state economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using survey information on accommodation industry activity.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health of Massachusetts's tourism and travel markets, which are important drivers of economic growth and employment in the state.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the index does not capture the full range of accommodation services beyond the traditional hotel industry.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Massachusetts (MAACCOMDQGSP), retrieved from FRED.