Gross Domestic Product: Accommodation and Food Services (72) in South Carolina
SCACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,687.10
Year-over-Year Change
30.40%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Accommodation and Food Services (72) in South Carolina measures the economic output of the accommodation and food services sector in the state. This trend is important for policymakers and analysts to understand the health and growth of South Carolina's tourism and 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 series represents the real gross domestic product (GDP) for the Accommodation and Food Services sector (NAICS code 72) in the state of South Carolina. It provides insights into the overall economic performance and productivity of this key industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using survey information and economic modeling.
Historical Context
Economists and policymakers use this metric to assess the strength of South Carolina's tourism and hospitality sectors and make informed decisions about economic development and support programs.
Key Facts
- South Carolina's accommodation and food services sector accounts for over 10% of the state's GDP.
- This industry has experienced steady growth in recent years, outpacing the overall state economy.
- Tourism is a major driver of the South Carolina economy, making this metric crucial for policymakers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the Accommodation and Food Services sector (NAICS code 72) in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and productivity of South Carolina's tourism and hospitality industry, 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 using survey information and economic modeling.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to assess the strength of South Carolina's tourism and hospitality sectors and make informed decisions about economic development and support programs.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in South Carolina (SCACCOMDNQGSP), retrieved from FRED.