Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the Great Lakes BEA Region
GLAKARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
150,776.30
Year-over-Year Change
94.80%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in the Great Lakes Bureau of Economic Analysis (BEA) region. It is an important indicator of economic activity and consumer spending in these key service industries.
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: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the Great Lakes BEA Region tracks the total economic output of these interconnected industries, which are crucial for tourism and local economies. Policymakers and analysts use this data to assess regional economic performance and consumer trends.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
The GDP data for these service sectors provides important insights into consumer behavior and spending patterns, which can inform policy decisions and business strategies.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- The arts, entertainment, and recreation sector makes up around 4% of the region's GDP.
- Accommodation and food services account for another 4% of regional GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into consumer behavior, spending patterns, and the performance of key service industries in the Great Lakes region, which can inform policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this GDP data for the arts, entertainment, recreation, accommodation, and food services sectors to assess regional economic performance and consumer trends, which can inform policy decisions.
Q: Are there update delays or limitations?
A: There may be some delays in data reporting and updates due to the complexity of collecting and modeling this regional economic information.
Related Trends
Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in the Great Lakes BEA Region
GLAKDURMANQGSP
Chain-Type Quantity Index for Real GDP: Transportation and Utilities (22, 48-49) in the Great Lakes BEA Region
GLAKTRANSUTILQGSP
Personal Consumption Expenditures: Nondurable Goods: Gasoline and Other Energy Goods for Great Lakes BEA Region
GLAKPCEGAS
Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in the Great Lakes BEA Region
GLAKTRANGRNDTRANRGSP
Chain-Type Quantity Index for Real GDP: Utilities (22) in the Great Lakes BEA Region
GLAKUTILQGSP
Real Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in the Great Lakes BEA Region
GLAKMOTPICSNDRGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the Great Lakes BEA Region (GLAKARTETRTACCFDNGSP), retrieved from FRED.