Real Gross Domestic Product: Accommodation (721) in Rhode Island
RIACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
791.50
Year-over-Year Change
48.69%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the accommodation industry (NAICS code 721) in the state of Rhode Island. It provides an important indicator of economic activity and growth in this key service sector.
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 Rhode Island series tracks the real inflation-adjusted output of businesses engaged in providing accommodations, such as hotels, motels, and other lodging facilities. This metric is a crucial gauge of the health and performance of Rhode Island's tourism and hospitality industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic indicators.
Historical Context
This metric is monitored by policymakers, businesses, and analysts to assess economic conditions and make informed decisions.
Key Facts
- Rhode Island's accommodation industry accounts for over 4% of the state's total GDP.
- The accommodation sector is a major employer in Rhode Island, supporting over 20,000 jobs.
- Real GDP in Rhode Island's accommodation industry has grown by 15% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the accommodation industry (NAICS code 721) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides an important indicator of economic activity and growth in Rhode Island's tourism and hospitality sector, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic indicators.
Q: How is this trend used in economic policy?
A: This metric is monitored by policymakers, businesses, and analysts to assess economic conditions and make informed decisions about the state's tourism and hospitality industry.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Rhode Island (RIACCOMDRGSP), retrieved from FRED.