Real Gross Domestic Product: Food Services and Drinking Places (722) in Massachusetts
MAFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,047.80
Year-over-Year Change
21.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Food Services and Drinking Places (722) in Massachusetts' series measures the real output of the food services and drinking places industry in Massachusetts. This metric is crucial for analyzing economic activity and consumer trends 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
This series tracks the real gross domestic product (GDP) contribution of the food services and drinking places industry (NAICS code 722) within the state of Massachusetts. It provides insights into the performance and growth of this important sector, which includes restaurants, bars, cafes, and other dining establishments.
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 closely monitored by policymakers, economists, and industry analysts to gauge consumer spending, economic conditions, and the overall health of the Massachusetts economy.
Key Facts
- Massachusetts' food services and drinking places industry accounts for over 4% of the state's total GDP.
- The industry employs more than 300,000 people in Massachusetts, making it a significant employer.
- This metric has shown steady growth in recent years, reflecting the strength of the state's dining and hospitality sectors.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) contribution of the food services and drinking places industry in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and growth of a key sector of the Massachusetts economy, which is crucial for understanding consumer spending patterns and overall economic conditions in the state.
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 industry analysts closely monitor this trend to gauge consumer spending, economic conditions, and the overall health of the Massachusetts economy, which informs policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Massachusetts (MAFOODDPRGSP), retrieved from FRED.