Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Massachusetts
MAPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,185.90
Year-over-Year Change
98.65%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in Massachusetts. It provides insights into the economic performance and contribution 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 Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Massachusetts series represents the total economic output of this industry in the state. It is a key indicator for understanding the size and growth of Massachusetts' cultural and entertainment sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trend is relevant for policymakers, investors, and industry analysts seeking to understand the economic importance and dynamics of Massachusetts' cultural and recreational activities.
Key Facts
- Massachusetts' performing arts, sports, and museum industry accounts for over $7 billion in GDP.
- This sector has grown by 3.2% annually over the past 5 years.
- The industry employs over 75,000 workers in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic importance and performance of Massachusetts' cultural and entertainment sectors, which are key contributors to 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 as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers, investors, and industry analysts seeking to understand the economic dynamics of Massachusetts' cultural and recreational activities.
Q: Are there update delays or limitations?
A: The data is updated annually by the Bureau of Economic Analysis, with a typical 1-year delay in reporting.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Massachusetts (MAPRFRMSPRTMSMNGSP), retrieved from FRED.