Real Gross Domestic Product: Accommodation (721) in North Dakota
NDACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
537.50
Year-over-Year Change
62.19%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Accommodation (721) in North Dakota measures the economic output of the accommodation sector in the state, adjusting for inflation. This metric is important for analyzing the performance and trends of North Dakota'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 real, inflation-adjusted GDP contribution from the accommodation sector (NAICS code 721) in the state of North Dakota. It provides insight into the economic health and growth of the state's hotel, motel, and other lodging businesses, which are a key part of the tourism and travel industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Historical Context
Policymakers and businesses use this metric to understand the economic conditions and outlook for North Dakota's accommodation and tourism sectors.
Key Facts
- North Dakota's accommodation GDP was $590 million in 2021.
- The accommodation sector accounts for 1.6% of North Dakota's total GDP.
- Real accommodation GDP in North Dakota grew by 3.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contribution from the accommodation sector (NAICS code 721) in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic health and growth of North Dakota's hotel, motel, and other lodging businesses, which are a key part of the state's tourism and travel industry.
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 by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to understand the economic conditions and outlook for North Dakota's accommodation and tourism sectors, which inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag, usually several months after the end of the reference period. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in North Dakota (NDACCOMDRGSP), retrieved from FRED.