Real Gross Domestic Product: Accommodation and Food Services (72) in Connecticut
CTACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,498.50
Year-over-Year Change
5.16%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) for the accommodation and food services industry in the state of Connecticut. It provides valuable insights into the performance and growth of this critical sector of 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: Accommodation and Food Services (72) in Connecticut metric tracks the inflation-adjusted output of the accommodation and food services industry in the state. This data is used by economists and policymakers to analyze the health and trends within this important service-based industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator is closely monitored by state and local governments, as well as businesses and investors, to inform economic policy and investment decisions.
Key Facts
- Connecticut's accommodation and food services industry accounts for over 7% of the state's total GDP.
- Real GDP in this sector grew by 4.2% in 2021 after declining 20.1% in 2020 due to the COVID-19 pandemic.
- The accommodation and food services industry is a major employer in Connecticut, accounting for over 200,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the accommodation and food services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This data is used by economists and policymakers to analyze the health and performance of this critical service-based industry within the Connecticut 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: This economic indicator is closely monitored by state and local governments, as well as businesses and investors, to inform economic policy and investment decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Connecticut (CTACCOMDRQGSP), retrieved from FRED.