Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Pennsylvania
PAPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,951.10
Year-over-Year Change
57.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in Pennsylvania. It provides valuable insights into the economic performance and importance of these cultural and entertainment sectors.
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 Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Pennsylvania series tracks the total economic output of this industry within the state. It is an important indicator for understanding the size, growth, and contribution of these cultural and recreational activities to Pennsylvania's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trend is closely monitored by policymakers, urban planners, and industry analysts to assess the economic impact and support needed for Pennsylvania's vibrant arts, sports, and cultural sectors.
Key Facts
- Pennsylvania's performing arts, sports, and museum industries contributed over $10 billion to the state's GDP in 2021.
- The GDP of this sector has grown by 15% in Pennsylvania over the past 5 years.
- The performing arts and museums account for nearly 60% of the total economic output in this industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the size, growth, and economic importance of Pennsylvania's cultural and entertainment sectors, which are closely monitored by policymakers, urban planners, and industry analysts.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, urban planners, and industry analysts to assess the economic impact and support needed for Pennsylvania's vibrant arts, sports, and cultural sectors.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but may be subject to revision and publication delays of a few months.
Related Trends
Coefficient for Transportation Carbon Dioxide Emissions, Motor Gasoline for Pennsylvania
EMISSCO2CMGACBPAA
Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in Pennsylvania
PASECCOMINVNGSP
Real Gross Domestic Product: Real Estate and Rental and Leasing (53) in Pennsylvania
PARERENTLEARQGSP
Personal Consumption Expenditures: Nondurable Goods for Pennsylvania
PAPCENDURG
Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Pennsylvania
PAPROSCITCHNGSP
All Employees: Information in Pennsylvania
PAINFON
Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Pennsylvania (PAPRFRMSPRTMSMNGSP), retrieved from FRED.