Gross Domestic Product: Accommodation and Food Services (72) in Connecticut
CTACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,012.20
Year-over-Year Change
31.21%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the accommodation and food services sector in Connecticut. It provides insights into the performance and contribution of this key industry to the state's overall economic activity.
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 Gross Domestic Product: Accommodation and Food Services (72) in Connecticut series represents the total economic output, or value added, generated by businesses in the accommodation and food services sector within the state. This metric is a crucial indicator of the health and growth of Connecticut's hospitality and tourism industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting for states and regions.
Historical Context
Policymakers and business leaders use this trend to assess the impact of economic conditions and policy decisions on Connecticut's accommodation and food services sector.
Key Facts
- Connecticut's accommodation and food services sector accounts for approximately 3% of the state's total GDP.
- The GDP of this sector has grown by 15% over the past 5 years.
- The COVID-19 pandemic significantly impacted this industry, leading to a 20% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the accommodation and food services sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of Connecticut's hospitality and tourism industries, which are crucial to the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting for states and regions.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this trend to assess the impact of economic conditions and policy decisions on Connecticut's accommodation and food services sector.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months between the end of the reporting period and the release of the data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in Connecticut (CTACCOMDNQGSP), retrieved from FRED.