Gross Domestic Product: Accommodation (721) in Arkansas
ARACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,018.70
Year-over-Year Change
109.52%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Accommodation (721) in Arkansas' measures the economic output of the accommodation industry in Arkansas. This data provides insights into the performance and health of the state's tourism and hospitality sectors.
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 gross domestic product (GDP) contribution of the accommodation industry, specifically North American Industry Classification System (NAICS) code 721, within the state of Arkansas. It is a key indicator of economic activity and growth in this important service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Policymakers and businesses use this metric to evaluate trends in Arkansas' tourism and hospitality industries and inform economic development strategies.
Key Facts
- Arkansas' accommodation GDP was $1.3 billion in 2021.
- The accommodation sector accounts for 1.3% of Arkansas' total GDP.
- Accommodation GDP in Arkansas has grown by 8.3% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the accommodation industry in the state of Arkansas, including hotels, motels, and other lodging establishments.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic significance of Arkansas' tourism and hospitality sectors, which are important drivers 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 established GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to evaluate trends in Arkansas' tourism and hospitality industries and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Arkansas (ARACCOMDNGSP), retrieved from FRED.