Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Idaho
IDPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
277.00
Year-over-Year Change
150.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in the state of Idaho. It provides valuable insights into the economic performance and contribution of this sector.
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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Idaho series tracks the inflation-adjusted economic output of this industry, which includes live performances, sporting events, museums, and other cultural attractions. This data is used by economists and policymakers to analyze the growth, productivity, and economic impact of the arts and entertainment sector in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is relevant for understanding the role of the arts and entertainment industry in Idaho's economy and informing policy decisions related to economic development, tourism, and cultural investment.
Key Facts
- The performing arts, spectator sports, museums, and related activities industry accounts for over 2% of Idaho's total GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- Idaho's outdoor recreation and cultural attractions are significant drivers of tourism revenue.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and contribution of the arts, entertainment, and cultural sectors in Idaho, which are important for understanding the state's economic development and informing related policy decisions.
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 trend is used by economists, policymakers, and industry stakeholders to analyze the growth, productivity, and economic impact of the arts and entertainment sector in Idaho, which can inform decisions related to economic development, tourism, and cultural investment.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several quarters, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Idaho (IDPRFRMSPRTMSMRGSP), retrieved from FRED.