Chain-Type Quantity Index for Real GDP: Construction (23) in Utah
UTCONSTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138.80
Year-over-Year Change
111.70%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Construction (23) in Utah measures the output volume of the construction industry in Utah's overall economic production. This trend is a key indicator of the construction sector's contribution to the state's economic growth.
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: Construction (23) in Utah is a measure of the real, inflation-adjusted output of the construction industry in Utah. It is a component of the state's overall real gross domestic product (GDP), providing insight into the relative size and performance of the construction sector within the broader economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP by industry.
Historical Context
This construction industry index is used by economists and policymakers to assess the health and dynamics of Utah's economy.
Key Facts
- Utah's construction industry accounts for over 5% of the state's real GDP.
- The construction index reached a record high in 2022, indicating strong growth.
- The index is a key input for forecasting Utah's overall economic performance.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Construction (23) in Utah measures the inflation-adjusted output volume of the construction industry in the state's overall economic production.
Q: Why is this trend relevant for users or analysts?
A: This construction industry index provides important insight into the health and dynamics of Utah's economy, as the construction sector is a significant contributor to the state's real GDP.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP by industry.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this construction industry index to assess the overall performance of Utah's economy and make informed decisions about economic development, infrastructure investment, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Federal Reserve, with a typical delay of 2-3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Construction (23) in Utah (UTCONSTQGSP), retrieved from FRED.