Gross Domestic Product: Accommodation and Food Services (72) in Utah
UTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,898.10
Year-over-Year Change
155.94%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) Accommodation and Food Services (72) in Utah measures the economic output of the hospitality industry in the state. This data provides insights into a key service sector and indicator of broader economic conditions.
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 GDP Accommodation and Food Services (72) in Utah represents the total value of goods and services produced by businesses in the hospitality industry, including hotels, restaurants, and other food and beverage establishments. This metric helps economists and policymakers assess the strength and trends within this important component of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and tax records.
Historical Context
Policymakers and analysts use this metric to gauge the overall health of Utah's economy and the performance of the state's tourism and service sectors.
Key Facts
- Utah's GDP for Accommodation and Food Services was $5.7 billion in 2021.
- This sector accounts for approximately 4% of Utah's total GDP.
- The hospitality industry in Utah has seen steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) Accommodation and Food Services (72) in Utah measures the total economic output of the hospitality industry in the state, including hotels, restaurants, and other food and beverage establishments.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance of a key service sector in Utah's economy, which is crucial for understanding the state's overall economic conditions and growth.
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 sources, including business surveys and tax records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the overall health of Utah's economy and the performance of the state's tourism and service sectors, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months. There may be revisions to previous periods as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in Utah (UTACCFDNGSP), retrieved from FRED.