Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Massachusetts
MAARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33,061.70
Year-over-Year Change
109.24%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) from the arts, entertainment, recreation, accommodation, and food services sectors in Massachusetts. It provides insight into the economic activity and performance of these key industries within 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: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Massachusetts series tracks the total value of goods and services produced by these industries in the state. It is a crucial indicator of the health and growth of Massachusetts' leisure and hospitality sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and surveys.
Historical Context
This trend is used by policymakers, economists, and businesses to assess the economic conditions and outlook for Massachusetts' tourism, recreation, and service-based industries.
Key Facts
- Massachusetts' arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's GDP.
- This trend has shown steady growth over the past decade, reflecting the importance of these industries to the Massachusetts economy.
- The COVID-19 pandemic had a significant negative impact on this trend, with a sharp decline in 2020 due to restrictions and reduced economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) generated by the arts, entertainment, recreation, accommodation, and food services sectors in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insight into the performance and economic contribution of Massachusetts' leisure and hospitality industries, which are crucial components of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and surveys.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this trend to assess the economic conditions and outlook for Massachusetts' tourism, recreation, and service-based industries, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: There may be some delays in the availability of the most recent data, as the Bureau of Economic Analysis must collect and process the necessary information to calculate this trend.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Massachusetts (MAARTETRTACCFDNGSP), retrieved from FRED.