Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Utah
UTEDHLTHSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20,462.20
Year-over-Year Change
119.74%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the educational services, health care, and social assistance sectors in Utah measures the total economic output of these key industries in the state.
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 GDP, or total value of goods and services produced, specifically for the educational services, health care, and social assistance industries in Utah. It is an important indicator of economic activity and productivity in these vital service sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive state-level GDP estimates.
Historical Context
This economic trend is used by policymakers, economists, and industry analysts to understand the relative performance and contribution of these service sectors in Utah's overall economy.
Key Facts
- Utah's GDP for educational services, health care, and social assistance was $31.9 billion in 2021.
- These sectors account for 16.3% of Utah's total GDP.
- The health care and social assistance industry is the largest component, making up 12.5% of the state's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output, or Gross Domestic Product (GDP), of the educational services, health care, and social assistance sectors in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of activity and productivity in key service industries that are vital to Utah's economy and the wellbeing of its residents.
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 comprehensive state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this trend to understand the relative performance and contribution of these service sectors in Utah's overall economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of each quarter.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Utah (UTEDHLTHSOCASSNGSP), retrieved from FRED.