Gross Domestic Product: Accommodation and Food Services (72) in South Dakota
SDACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,677.40
Year-over-Year Change
17.23%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the accommodation and food services sector in South Dakota. It is an important indicator of economic activity and consumer spending in the state.
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: Accommodation and Food Services (72) in South Dakota series tracks the total economic output of businesses in the accommodation and food services industry, which includes hotels, restaurants, and other hospitality-related activities. This data provides insight into the health and growth of a key service sector in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
Policymakers and businesses use this metric to assess consumer demand, investment, and overall economic conditions in South Dakota.
Key Facts
- South Dakota's accommodation and food services GDP was $2.4 billion in 2021.
- This sector accounts for over 5% of the state's total economic output.
- The GDP of this industry in South Dakota has grown by 15% since 2016.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the accommodation and food services sector in the state of South Dakota. It tracks the total economic output of businesses in the hospitality industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer spending, investment, and the overall health of a key service industry in South Dakota's economy. It is used by policymakers, businesses, and economists to assess economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand consumer demand, investment, and overall economic conditions in South Dakota. It informs decisions around fiscal, monetary, and regulatory policies that impact the hospitality industry.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in South Dakota (SDACCOMDNQGSP), retrieved from FRED.