Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina
NCACCOMDQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.69
Year-over-Year Change
3.42%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina measures the volume of economic activity in the state's accommodation and food services sector. This metric is important for understanding regional economic trends and performance.
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 Chain-Type Quantity Index tracks changes in the real output of the accommodation and food services industry in North Carolina over time. Economists and policymakers use this data to analyze the state's economic composition and growth.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity data.
Historical Context
This trend provides insight into the strength of North Carolina's hospitality and tourism sectors, which are important drivers of the state's economy.
Key Facts
- North Carolina's accommodation and food services sector accounts for over 5% of the state's GDP.
- The index has increased by 25% over the past decade, indicating strong growth in the sector.
- The COVID-19 pandemic caused a steep decline in the index in 2020 before a subsequent rebound.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina measures the volume of economic activity in the state's accommodation and food services sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the strength and performance of North Carolina's important hospitality and tourism industries, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity data.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to analyze the composition and growth of North Carolina's economy, which can inform policy decisions related to the state's tourism and hospitality sectors.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina (NCACCOMDQQGSP), retrieved from FRED.