Gross Domestic Product: Accommodation (721) in Missouri
MOACCOMDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,227.60
Year-over-Year Change
109.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Accommodation (721) in Missouri measures the economic output of the accommodation sector in the state. This data is crucial for policymakers and economists to understand the health and performance of Missouri's tourism and hospitality industries.
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 represents the gross domestic product (GDP) generated by the accommodation industry (NAICS code 721) in the state of Missouri. It serves as an important indicator of economic activity and growth within the state's travel and leisure sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
This economic trend is closely monitored by state officials, industry groups, and economic analysts to assess Missouri's tourism competitiveness and consumer spending patterns.
Key Facts
- Missouri's accommodation GDP was $4.6 billion in 2021.
- The accommodation sector accounts for 1.3% of Missouri's total GDP.
- Missouri's accommodation GDP grew by 8.2% from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the accommodation industry (NAICS code 721) in the state of Missouri.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding the health and performance of Missouri's tourism and hospitality sectors, which are important contributors to the state's overall economic activity.
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 state-level GDP estimates.
Q: How is this trend used in economic policy?
A: State officials, industry groups, and economic analysts closely monitor this trend to assess Missouri's tourism competitiveness and consumer spending patterns, which informs economic development and fiscal policies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a delay of several months. There may be revisions to prior-period estimates as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation (721) in Missouri (MOACCOMDNGSP), retrieved from FRED.