Real Gross Domestic Product: Food Services and Drinking Places (722) in Utah
UTFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,532.50
Year-over-Year Change
47.30%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Utah tracks the inflation-adjusted economic output of the food services and drinking places industry 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 measures the real value added by the food services and drinking places industry in Utah, which includes restaurants, bars, and other establishments that prepare and serve food and beverages. It is an important indicator of consumer spending and the overall health of the state's economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis using industry-level GDP calculations.
Historical Context
Policymakers and analysts use this metric to gauge consumer demand, business activity, and economic conditions in Utah.
Key Facts
- Utah's food services and drinking places industry accounted for over $4 billion in real GDP in 2021.
- This sector has seen steady growth, expanding by 23% in real terms since 2015.
- The food services and drinking places industry employs over 130,000 workers in Utah.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real, inflation-adjusted gross domestic product (GDP) of the food services and drinking places industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: The food services and drinking places industry is a key component of Utah's economy, so this metric provides insight into consumer spending, business activity, and overall economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis using industry-level GDP calculations.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge consumer demand, business activity, and economic conditions in Utah, which can inform policy decisions.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the release of the latest data.
Related Trends
Gross Domestic Product: Farms (111-112) in Utah
UTFARMNGSP
Chain-Type Quantity Index for Real GDP: Transportation and Warehousing (48-49) in Utah
UTTRANSWAREQGSP
Personal Consumption Expenditures: Goods for Utah
UTPCEG
Value of Exports to United Kingdom from Utah
UTGBRA052SCEN
All Employees: Education and Health Services: Private Educational Services in Utah
SMS49000006561000001
Gross Domestic Product: Administrative and Support Services (561) in Utah
UTADMINSUPNGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Utah (UTFOODDPRGSP), retrieved from FRED.