Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in South Dakota
SDPRFRMSPRTMSMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
147.10
Year-over-Year Change
91.61%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the chain-type quantity index for real GDP in the performing arts, spectator sports, museums, and related activities sector in South Dakota. It provides insights into the performance and growth of this key service industry within 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 chain-type quantity index for real GDP tracks the inflation-adjusted output of the performing arts, spectator sports, museums, and related activities sector in South Dakota. This metric is used by economists and policymakers to analyze trends in this important service industry and its contribution to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This trend is closely monitored by state and local economic development agencies to inform policy decisions and investment strategies.
Key Facts
- South Dakota's performing arts, spectator sports, museums, and related activities sector accounts for approximately 2% of the state's total GDP.
- This industry has experienced steady growth in recent years, outpacing the overall state economy.
- The chain-type quantity index for this sector reached a record high in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in the performing arts, spectator sports, museums, and related activities sector in South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a key service industry within South Dakota's economy, which is important for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: State and local economic development agencies closely monitor this trend to inform policy decisions and investment strategies for the performing arts, spectator sports, and tourism sectors.
Q: Are there update delays or limitations?
A: The data is published with a lag, and there may be revisions to previous estimates as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in South Dakota (SDPRFRMSPRTMSMQGSP), retrieved from FRED.