Gross Domestic Product: Food Services and Drinking Places (722) in Utah
UTFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,151.70
Year-over-Year Change
167.63%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in Utah measures the economic output of the food service and drinking establishments sector in the state. This metric is a key indicator of consumer spending and the overall health of the local 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
This economic series tracks the total value added to Utah's GDP by businesses in the food services and drinking places industry, which includes restaurants, bars, cafes, and other eateries. It provides insights into consumer demand, employment, and business conditions in this important sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Analysts and policymakers use this trend to gauge the strength of Utah's consumer-facing industries and make informed decisions about economic policies.
Key Facts
- Utah's food services and drinking places sector accounted for $5.4 billion in GDP in 2020.
- This industry makes up approximately 4% of Utah's total GDP.
- The sector has seen steady growth, expanding by 27% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by businesses in the food services and drinking places industry within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending patterns, employment, and business conditions in an important sector of Utah's economy.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this trend to gauge the strength of Utah's consumer-facing industries and make informed decisions about economic policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Utah (UTFOODDPNGSP), retrieved from FRED.