Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Utah
UTARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,699.50
Year-over-Year Change
159.87%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) in the arts, entertainment, recreation, accommodation, and food services sectors in the state of Utah. It provides insights into the performance and contribution of these key industries to the state's overall economic activity.
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: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Utah series tracks the value-added output from these sectors, which are crucial components of the state's service-based economy. Economists and policymakers use this data to analyze the health and growth of these industries and their impact on the broader Utah economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic trend is relevant for understanding the state's tourism, hospitality, and leisure industries and their role in Utah's economic development and diversification efforts.
Key Facts
- Utah's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's total GDP.
- These industries have experienced steady growth in recent years, outpacing the overall state economy.
- The leisure and hospitality industry is a major employer in Utah, accounting for nearly 150,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the arts, entertainment, recreation, accommodation, and food services sectors in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and importance of Utah's tourism, hospitality, and leisure industries, which are crucial components of the state's 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 established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to analyze the health and growth of these industries and their impact on the broader Utah economy, informing economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly, with potential delays due to the time required for data collection and processing at the state level.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Utah (UTARTETRTACCFDNGSP), retrieved from FRED.