Real Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Colorado
COMOTPICSNDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,182.70
Year-over-Year Change
225.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the motion picture and sound recording industries in Colorado. It provides insights into the performance and contribution of this sector to the state's economy.
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 Real Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Colorado tracks the inflation-adjusted economic output of this industry in the state. It is a key indicator of the sector's growth, productivity, and competitive position within Colorado's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to assess the health and trajectory of Colorado's creative and entertainment sectors.
Key Facts
- Colorado's motion picture and sound recording industries account for over 3% of the state's GDP.
- This sector has experienced steady growth, outpacing the overall Colorado economy in recent years.
- The COVID-19 pandemic significantly impacted this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the motion picture and sound recording industries in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and contribution of Colorado's creative and entertainment 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 national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and investors closely monitor this trend to assess the health and trajectory of Colorado's motion picture and sound recording industries, which can inform economic development strategies and investment decisions.
Q: Are there update delays or limitations?
A: The data is typically published 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, Real Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Colorado (COMOTPICSNDRGSP), retrieved from FRED.