Real Gross Domestic Product: Construction (23) in Utah
UTCONSTRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,741.90
Year-over-Year Change
5.55%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Construction (23) in Utah measures the total output of the construction industry in the state, adjusted for inflation. This metric is a key indicator of economic activity and growth within the construction sector.
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
This series represents the real (inflation-adjusted) value of construction output in Utah, which is an important component of the state's overall economic production. Economists and policymakers monitor this data to assess the health and trajectory of the construction industry, which has broad implications for employment, investment, and broader economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including industry surveys and administrative records.
Historical Context
The Real Gross Domestic Product: Construction (23) in Utah is used by analysts and policymakers to gauge the performance of the state's construction sector and its contribution to overall economic growth.
Key Facts
- Utah's construction industry accounts for 5.2% of the state's total GDP.
- Construction output in Utah grew by 3.9% in 2021 compared to the prior year.
- The COVID-19 pandemic temporarily disrupted construction activity in Utah in 2020.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Construction (23) in Utah measures the total output of the construction industry in the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of economic activity and growth within the construction sector, which has broad implications for employment, investment, and broader economic conditions in Utah.
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 industry surveys and administrative records.
Q: How is this trend used in economic policy?
A: The Real Gross Domestic Product: Construction (23) in Utah is used by analysts and policymakers to gauge the performance of the state's construction sector and its contribution to overall economic growth.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of a few months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in Utah (UTCONSTRQGSP), retrieved from FRED.