Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois
ILPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,660.80
Year-over-Year Change
13.38%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of performing arts, spectator sports, museums, and related activities in the state of Illinois. It provides insight into the performance and contribution of these sectors to 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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois trend tracks the inflation-adjusted economic output of these industries within the state. It is a valuable indicator for understanding the growth and health of Illinois' cultural and entertainment sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Historical Context
This trend is used by policymakers, economists, and industry analysts to monitor the economic significance of Illinois' performing arts, sports, and cultural institutions.
Key Facts
- Illinois' performing arts, sports, and cultural sectors contribute over $10 billion to the state's GDP.
- The industry experienced a 15% decline in real GDP during the COVID-19 pandemic.
- Performing arts and spectator sports account for the largest share of this sector's economic output in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of performing arts, spectator sports, museums, and related activities in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and economic contribution of Illinois' cultural and entertainment sectors, which is valuable information for policymakers, economists, and industry analysts.
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 state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to monitor the economic significance of Illinois' performing arts, sports, and cultural institutions, which can inform policy decisions and investments.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and limitations of the U.S. Bureau of Economic Analysis' state-level GDP by industry statistics.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Illinois (ILPRFRMSPRTMSMRGSP), retrieved from FRED.