Real Gross Domestic Product: Accommodation and Food Services (72) in Louisiana
LAACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,434.00
Year-over-Year Change
0.41%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services sector in Louisiana. It is an important indicator of economic activity and consumer spending 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 Real Gross Domestic Product: Accommodation and Food Services (72) in Louisiana represents the inflation-adjusted value added by businesses in the accommodation and food services industry to the state's overall economic output. This trend is closely watched by economists and policymakers to gauge the health of Louisiana's service sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This trend provides insight into Louisiana's tourism, hospitality, and consumer spending dynamics, which can inform economic and fiscal policy decisions.
Key Facts
- Louisiana's accommodation and food services sector accounts for over 6% of the state's total GDP.
- This trend has experienced steady growth since the Great Recession, reflecting the state's strengthening tourism industry.
- The COVID-19 pandemic caused a sharp decline in this metric in 2020 due to lockdowns and travel restrictions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contribution of the accommodation and food services sector in the state of Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and health of Louisiana's tourism, hospitality, and consumer spending, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures for Louisiana.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the strength of Louisiana's service sector and inform decisions related to economic development, tourism promotion, and fiscal policy.
Q: Are there update delays or limitations?
A: This data is released with a lag of several months, so it may not reflect the most recent economic conditions in Louisiana.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Louisiana (LAACCOMDRQGSP), retrieved from FRED.