Gross Domestic Product: Management of Companies and Enterprises (55) in Utah
UTMNGCOENTPRNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,381.40
Year-over-Year Change
66.83%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the management of companies and enterprises sector in the state of Utah. It is an important indicator for understanding the structure and performance of 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
The Gross Domestic Product: Management of Companies and Enterprises (55) in Utah metric tracks the economic output and growth of the management sector, which includes companies that oversee and administer other organizations. This data point is used by economists and policymakers to assess the health and competitiveness of Utah's business services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP statistics for states and metropolitan areas.
Historical Context
This economic trend is relevant for understanding Utah's economic diversification and the role of business services in the state's growth and development.
Key Facts
- Utah's management sector accounts for 7.1% of the state's total GDP.
- The management industry in Utah has grown by 3.2% annually over the past 5 years.
- Professional and business services are a key driver of economic activity in Utah.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) contribution of the management of companies and enterprises sector in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the structure and performance of Utah's business services industry, which is an important driver of the state's overall economic growth and competitiveness.
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 for states and metropolitan areas.
Q: How is this trend used in economic policy?
A: This economic trend is used by policymakers and economists to assess the health and competitiveness of Utah's business services industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately three months, so there may be a lag in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Management of Companies and Enterprises (55) in Utah (UTMNGCOENTPRNGSP), retrieved from FRED.