Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Carolina
SCACCOMDQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.71
Year-over-Year Change
5.62%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Carolina measures the volume of economic output in this industry in the state. It is a key indicator for analyzing regional economic performance and trends in the hospitality 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
This index provides a standardized measure of real (inflation-adjusted) gross domestic product for the accommodation and food services industry in South Carolina. It allows economists and policymakers to track changes in the state's hospitality sector over time, which is an important driver of local economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for price changes.
Historical Context
This metric is used to inform state-level economic policy and business investment decisions in the accommodation and food services industry.
Key Facts
- The index is based on 2012 as the base year.
- South Carolina's accommodation and food services industry accounts for over 10% of the state's total GDP.
- The index has shown steady growth since the 2008 recession.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted volume of economic output in the accommodation and food services industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: The accommodation and food services sector is a key driver of economic activity in many regions, so this metric provides important insights into the performance of this industry and the broader regional economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for price changes over time.
Q: How is this trend used in economic policy?
A: This metric informs state-level economic policy and business investment decisions in the hospitality industry in South Carolina.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Carolina (SCACCOMDQQGSP), retrieved from FRED.