Chain-Type Quantity Index for Real GDP: Accommodation (721) in Colorado
COACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
137.42
Year-over-Year Change
47.97%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Colorado measures the real output of the accommodation industry in Colorado. It is an important indicator of economic activity and consumer demand in 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
This index tracks the real, inflation-adjusted value of goods and services produced by the accommodation industry in Colorado over time. It is used by economists and policymakers to assess the health and growth of the state's tourism and hospitality sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP information.
Historical Context
The index provides insight into consumer spending patterns and business investment in Colorado's accommodation and tourism markets.
Key Facts
- Colorado's accommodation industry accounts for over 4% of the state's GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- Tourism is a major driver of economic activity in Colorado.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Colorado measures the real, inflation-adjusted value of goods and services produced by the accommodation industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into the health and growth of Colorado's tourism and hospitality sectors, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP information.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to assess consumer spending patterns and business investment in Colorado's accommodation and tourism markets, which informs economic and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Colorado (COACCOMDQGSP), retrieved from FRED.