Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Utah
UTFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,741.10
Year-over-Year Change
88.02%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the food, beverage, and tobacco product manufacturing industry in Utah. It provides insights into the productivity and growth of this key sector within the state's economy.
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: Food and Beverage and Tobacco Product Manufacturing (311-312) in Utah series tracks the inflation-adjusted output of this industry over time. It is a valuable indicator of economic conditions and can inform policymakers and businesses about trends in this important manufacturing segment.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP statistics.
Historical Context
This trend is used by economists, policymakers, and industry analysts to assess the performance and competitiveness of Utah's food, beverage, and tobacco manufacturing sector.
Key Facts
- Utah's food, beverage, and tobacco manufacturing sector accounts for over 10% of the state's total GDP.
- This industry has experienced steady growth in real output over the past decade.
- The sector employs over 30,000 workers in Utah, making it a significant contributor to the state's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the food, beverage, and tobacco product manufacturing industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the productivity and growth of a key manufacturing sector within Utah's economy, which can inform business decisions and economic policymaking.
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 their comprehensive GDP statistics.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts use this trend to assess the performance and competitiveness of Utah's food, beverage, and tobacco manufacturing sector, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
Related Trends
Average Weekly Earnings of All Employees: Professional and Business Services in Utah
SMU49000006000000011
Average Weekly Earnings of All Employees: Goods Producing in Utah
SMU49000000600000011
All Employees: Mining, Logging, and Construction in Utah
SMS49000001500000001
Gross Domestic Product: Wholesale Trade (42) in Utah
UTWHOLENQGSP
90% Confidence Interval Upper Bound of Estimate of Percent of People Under Age 5 in Poverty for Utah
PPCIUB0T4UT49000A156NCEN
State Government Tax Collections, Motor Vehicle Licenses in Utah
UTMOTOLICTAX
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Utah (UTFOODBEVTOBMANRGSP), retrieved from FRED.