Real Gross Domestic Product: Accommodation (721) in South Dakota
SDACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
840.00
Year-over-Year Change
101.44%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the accommodation sector (NAICS code 721) in the state of South Dakota. It is an important indicator for understanding the performance of the state'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
The Real Gross Domestic Product: Accommodation (721) in South Dakota series provides a measure of the economic output and growth of the accommodation sector, which includes hotels, motels, and other lodging establishments, within the state. This data is used by economists and policymakers to analyze the overall health and trajectory of South Dakota's tourism-dependent economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of source data and statistical models.
Historical Context
This economic indicator is closely monitored by state and local officials to inform policy decisions and economic development strategies.
Key Facts
- South Dakota's accommodation sector accounts for around 3% of the state's total GDP.
- Real GDP for South Dakota's accommodation industry grew by 4.2% in 2021.
- The COVID-19 pandemic significantly impacted the state's accommodation sector in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the accommodation sector (NAICS code 721) in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This data is used by economists and policymakers to analyze the performance and growth of South Dakota's tourism-dependent economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of source data and statistical models.
Q: How is this trend used in economic policy?
A: This economic indicator is closely monitored by state and local officials to inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in South Dakota (SDACCOMDRGSP), retrieved from FRED.