Gross Domestic Product: Mining (Except Oil and Gas) (212) in Utah
UTMINEXOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,108.40
Year-over-Year Change
27.94%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Mining (Except Oil and Gas) (212) in Utah measures the economic output of the mining sector, excluding oil and gas, within the state. This statistic is important for understanding the role of non-energy mining in Utah'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
This series represents the gross domestic product (GDP) of the mining industry, excluding oil and gas extraction, for the state of Utah. The GDP statistic is a measure of the total value of goods and services produced within a geographic area and is a key indicator of economic activity and growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP accounts.
Historical Context
This metric is used by policymakers, researchers, and industry analysts to evaluate the performance and significance of Utah's mining sector outside of oil and gas.
Key Facts
- Utah's mining GDP excluding oil and gas was $3.3 billion in 2021.
- The mining sector accounts for 3.2% of Utah's total GDP.
- Utah ranks 11th among U.S. states in mining GDP outside of oil and gas.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) of the mining industry, excluding oil and gas extraction, within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the importance and performance of Utah's non-energy mining sector, which is a key component of the state'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 (BEA) as part of their regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers, researchers, and industry analysts use this metric to evaluate the role and significance of Utah's mining sector outside of oil and gas, informing economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically 1-2 quarters behind the current period, due to the time required for data collection and processing by the BEA.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining (Except Oil and Gas) (212) in Utah (UTMINEXOILGASNGSP), retrieved from FRED.