Real Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts
MAACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,893.30
Year-over-Year Change
22.90%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in Massachusetts. It provides insight into the economic performance and growth of this important 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 GDP for the accommodation and food services industry in Massachusetts is a key indicator of the state's economic activity and growth. It reflects the total value of goods and services produced by this sector, adjusted for inflation.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is used by economists, policymakers, and businesses to analyze the health and trajectory of Massachusetts' economy.
Key Facts
- Massachusetts' accommodation and food services industry accounts for over 10% of the state's GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation and food services industry in Massachusetts. It reflects the total value of goods and services produced by this sector, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic performance and growth of the accommodation and food services industry in Massachusetts, which is a key contributor to the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and businesses to analyze the health and trajectory of Massachusetts' economy, informing decisions and policies related to the accommodation and food services industry.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, which may result in some delay in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Massachusetts (MAACCFDRGSP), retrieved from FRED.