Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Colorado
COPRFRMSPRTMSMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.52
Year-over-Year Change
109.09%
Date Range
1/1/1997 - 1/1/2023
Summary
This index measures the real (inflation-adjusted) quantity output of the performing arts, spectator sports, museums, and related activities industry in Colorado. It provides insight into the economic performance of this important entertainment and cultural 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
The Chain-Type Quantity Index for Real GDP tracks the real dollar value of output in a given industry or sector. It is a key economic indicator used by policymakers and analysts to assess productivity, growth, and the overall health of specific industries within a state or regional economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using real GDP estimates and industry-level price deflators.
Historical Context
This index helps inform economic and cultural policy decisions that impact the performing arts, sports, and museum industries in Colorado.
Key Facts
- Colorado's performing arts and recreation industry contributed over $2 billion to the state's GDP in 2021.
- This index has grown by an average of 3.2% annually over the past 10 years.
- The COVID-19 pandemic caused a 12.5% decline in the index in 2020 before a 16.8% rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) quantity output of the performing arts, spectator sports, museums, and related activities industry in Colorado.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into the economic performance and productivity of Colorado's entertainment and cultural sector, which is a key driver 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 real GDP estimates and industry-level price deflators.
Q: How is this trend used in economic policy?
A: This index helps inform economic and cultural policy decisions that impact the performing arts, sports, and museum industries in Colorado.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Colorado (COPRFRMSPRTMSMQGSP), retrieved from FRED.