Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Connecticut
CTACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.42
Year-over-Year Change
3.33%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Connecticut measures the real output of the state's hospitality and dining sectors. This metric is an important indicator of economic activity and consumer demand in the region.
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 inflation-adjusted gross domestic product (GDP) generated by the accommodation and food services industry in Connecticut. It provides insight into the overall health and performance of this key service sector within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in the composition and pricing of goods and services over time.
Historical Context
Policymakers and analysts use this index to assess the strength of Connecticut's tourism and hospitality markets and inform economic development strategies.
Key Facts
- The index uses 2012 as the base year.
- Covers NAICS sector 72: Accommodation and Food Services.
- Provides a measure of real GDP at the state level.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the accommodation and food services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: The index provides insight into the performance and health of Connecticut's hospitality and dining sectors, which are important contributors to the state's overall economic activity and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in the composition and pricing of goods and services over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the strength of Connecticut's tourism and hospitality markets and inform economic development strategies.
Q: Are there update delays or limitations?
A: The index data is subject to periodic revisions by the source agency, the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Connecticut (CTACCFDQGSP), retrieved from FRED.