Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois
ILPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,363.50
Year-over-Year Change
51.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Illinois. It provides insight into the economic performance and contribution of these cultural and entertainment industries in the state.
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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois indicator tracks the total economic output of these industries, which include businesses such as theaters, concerts, sporting events, and museums. This data is useful for analyzing the overall health and trends within Illinois' creative and cultural economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Historical Context
This GDP trend is relevant for policymakers, economists, and industry stakeholders to understand the economic impact and growth patterns of Illinois' performing arts, sports, and cultural attractions.
Key Facts
- This sector accounts for over $10 billion in economic output in Illinois.
- The performing arts, sports, and museums industry employs more than 100,000 people in the state.
- GDP in this sector has grown by 3% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This data is useful for analyzing the overall health and growth patterns of Illinois' creative and cultural economy, which is an important part of the state's business and tourism landscape.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Q: How is this trend used in economic policy?
A: This GDP trend is relevant for policymakers, economists, and industry stakeholders to understand the economic impact and growth patterns of Illinois' performing arts, sports, and cultural attractions.
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, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois (ILPRFRMSPRTMSMNGSP), retrieved from FRED.