Gross Domestic Product: Accommodation (721) in Florida
FLACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,198.80
Year-over-Year Change
123.46%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) for the Accommodation (NAICS 721) industry in the state of Florida. It is a key indicator of economic activity and performance in Florida's tourism and hospitality sectors.
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 (GDP) for the Accommodation (NAICS 721) industry in Florida represents the total economic output of hotels, motels, and other lodging establishments within the state. This metric is used by economists and policymakers to gauge the health and growth of Florida's vital tourism industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting.
Historical Context
Trends in Florida's accommodation GDP are closely monitored by state officials, industry groups, and investors to assess the economic conditions and outlook for the state's tourism-driven economy.
Key Facts
- Florida's accommodation GDP totaled $29.8 billion in 2021.
- The accommodation industry accounts for 3.2% of Florida's total GDP.
- Florida's accommodation GDP has grown at an average annual rate of 4.1% over the past 10 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Accommodation (NAICS 721) industry in the state of Florida, which includes hotels, motels, and other lodging establishments.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the health and growth of Florida's vital tourism industry, which is a key driver 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 as part of their comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: Trends in Florida's accommodation GDP are closely monitored by state officials, industry groups, and investors to assess the economic conditions and outlook for the state's tourism-driven economy.
Q: Are there update delays or limitations?
A: The accommodation GDP data is typically published on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Florida (FLACCOMDNGSP), retrieved from FRED.