Gross Domestic Product: Accommodation (721) in Minnesota
MNACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,987.80
Year-over-Year Change
96.33%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Minnesota measures the economic output of the accommodation industry in the state. This metric is crucial for understanding the performance and trends in Minnesota's tourism and hospitality sectors.
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: Accommodation (721) in Minnesota represents the total value of goods and services produced by the accommodation industry, such as hotels, motels, and other lodging establishments, within the state. This data is used by economists and policymakers to analyze the health and growth of Minnesota's tourism and travel-related industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and administrative records.
Historical Context
This economic trend is closely watched by businesses, investors, and government agencies to monitor the strength of Minnesota's tourism and hospitality sectors and inform policy decisions.
Key Facts
- Minnesota's accommodation GDP reached $6.2 billion in 2021.
- The accommodation industry accounts for 2.1% of Minnesota's total GDP.
- Minnesota's accommodation GDP grew by 7.4% in 2021 compared to 2020.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Accommodation (721) in Minnesota measures the total economic output of the accommodation industry in the state, including hotels, motels, and other lodging establishments.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the performance and growth of Minnesota's tourism and hospitality sectors, 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 based on surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and government agencies use this data to monitor the strength of Minnesota's tourism and hospitality industries and inform decisions related to economic development, tourism promotion, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Minnesota (MNACCOMDNGSP), retrieved from FRED.