Real Gross Domestic Product: Accommodation (721) in Montana
MTACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,110.20
Year-over-Year Change
98.25%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Accommodation (721) in Montana' series measures the real GDP contribution of the accommodation industry in the state of Montana. This metric provides insights into the economic performance and growth of the accommodation sector, which is crucial for understanding the state's tourism and hospitality landscape.
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 real gross domestic product (GDP) generated by the accommodation industry (NAICS code 721) in the state of Montana. It is an important indicator of the economic activity and productivity within this key sector, which includes hotels, motels, and other lodging providers.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and growth of Montana's tourism and hospitality markets.
Key Facts
- Montana's accommodation industry contributed $1.6 billion to the state's GDP in 2021.
- The accommodation sector accounted for 3.2% of Montana's total real GDP in 2021.
- Real GDP in Montana's accommodation industry grew by 8.2% in 2021 compared to the previous year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) generated by the accommodation industry (NAICS code 721) in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and growth of Montana's accommodation sector, which is a crucial component of the state's tourism and hospitality industry.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and growth of Montana's tourism and hospitality markets, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published by the BEA with a lag of several months, so there may be delays in accessing the most recent information.
Related Trends
Value of Exports to Mexico from Montana
MTMEXA052SCEN
All Employees: Goods Producing in Montana
SMS30000000600000001
Gross Domestic Product: Machinery Manufacturing (333) in Montana
MTMACHMANNGSP
All Employees: Transportation and Utilities: Truck Transportation in Montana
SMU30000004348400001
Coefficient for Commercial Carbon Dioxide Emissions, Residual Fuel for Montana
EMISSCO2CRFCCBMTA
Real Gross Domestic Product: Social Assistance (624) in Montana
MTSOCASSRGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Montana (MTACCOMDRGSP), retrieved from FRED.