Real Gross Domestic Product: Accommodation (721) in Missouri
MOACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,525.40
Year-over-Year Change
37.67%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation industry (NAICS code 721) in the state of Missouri. It provides insights into the performance and growth of this key sector of the state's economy.
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 Real Gross Domestic Product: Accommodation (721) in Missouri series reflects the inflation-adjusted total economic output of the accommodation industry in Missouri. This metric is widely used by economists and policymakers to analyze the state's economic conditions and the relative strength of the tourism and hospitality sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting practices.
Historical Context
Trends in this series are closely monitored by state and local governments, as well as businesses in the accommodation and tourism industries, to inform economic development policies and investment decisions.
Key Facts
- The accommodation industry accounts for approximately 3% of Missouri's total GDP.
- Real GDP in Missouri's accommodation sector grew by 4.2% in 2021.
- The COVID-19 pandemic caused a 15.8% decline in Missouri's accommodation GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation industry (NAICS code 721) in the state of Missouri.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and growth 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 using standard national accounting practices.
Q: How is this trend used in economic policy?
A: Trends in this series are closely monitored by state and local governments, as well as businesses in the accommodation and tourism industries, to inform economic development policies and investment decisions.
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 complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Missouri (MOACCOMDRGSP), retrieved from FRED.