Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Utah
UTEDHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,975.30
Year-over-Year Change
69.47%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the educational services, health care, and social assistance sector in Utah. It provides valuable insights into the performance and economic contributions of these key industries within 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
The Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Utah metric tracks the inflation-adjusted economic output of these closely related sectors. It is a crucial indicator for understanding the overall health and growth dynamics of Utah's knowledge-based and human services-oriented industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the economic conditions and development of Utah's education, healthcare, and social assistance sectors.
Key Facts
- Utah's education, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- This trend has shown steady growth over the past decade, reflecting the importance of these industries to Utah's economy.
- The COVID-19 pandemic had a significant impact on this sector, with sharp declines in 2020 followed by a gradual recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the educational services, health care, and social assistance sector in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and economic contributions of Utah's knowledge-based and human services-oriented industries, which are crucial to the state's overall economic development.
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 accounting principles.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and industry analysts to assess the economic conditions and development of Utah's education, healthcare, and social assistance sectors, which are critical for the state's economic growth and well-being.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, and may have some delays in reporting compared to more real-time economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Utah (UTEDHLTHSOCASSRGSP), retrieved from FRED.