Gross Domestic Product: State and Local in Utah
UTGOVSLNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,291.60
Year-over-Year Change
104.80%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: State and Local in Utah measures the total economic output of state and local governments in Utah. This metric is important for understanding the fiscal health and policy decisions of subnational governments.
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 Gross Domestic Product: State and Local in Utah represents the value-added contribution of state and local government activities to the overall state economy. It is a key indicator used by economists and policymakers to assess the scale and composition of public sector activity within Utah.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using income, expenditure, and production data from state and local government sources.
Historical Context
Trends in state and local GDP can inform fiscal and budgetary policies at the subnational level.
Key Facts
- Utah's state and local GDP was $55.7 billion in 2021.
- State and local government activity accounted for 12.5% of Utah's total GDP in 2021.
- The state and local GDP in Utah has grown by 36% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: State and Local in Utah measures the total economic output of state and local government activities within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the fiscal health and policy decisions of subnational governments in Utah.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using income, expenditure, and production data from state and local government sources.
Q: How is this trend used in economic policy?
A: Trends in state and local GDP can inform fiscal and budgetary policies at the subnational level in Utah.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: State and Local in Utah (UTGOVSLNGSP), retrieved from FRED.