Real Gross Domestic Product: Accommodation and Food Services (72) in South Dakota
SDACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,789.80
Year-over-Year Change
-3.79%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in South Dakota. It provides insights into the performance and growth of this crucial sector of the state's economy.
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 and Food Services (72) in South Dakota series tracks the inflation-adjusted output of businesses in the accommodation and food services sector, which includes hotels, restaurants, and other hospitality-related activities. This data is used by economists and policymakers to assess the health and dynamics of South Dakota's tourism and hospitality industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private data sources.
Historical Context
This trend is closely monitored by state and local officials to inform economic development strategies and tourism-related policies.
Key Facts
- South Dakota's accommodation and food services sector accounts for over 10% of the state's GDP.
- This industry has experienced steady growth over the past decade, outpacing the overall state economy.
- Tourism is a major driver of the accommodation and food services industry in South Dakota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the accommodation and food services industry in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insights into the performance and growth of South Dakota's tourism and hospitality sector, which is a key driver 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 a variety of government and private data sources.
Q: How is this trend used in economic policy?
A: State and local officials closely monitor this trend to inform economic development strategies and tourism-related policies in South Dakota.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in South Dakota (SDACCOMDRQGSP), retrieved from FRED.