Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Utah
UTMVEHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
916.00
Year-over-Year Change
38.54%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry in the state of Utah. It provides valuable insights into the health and performance of this key manufacturing sector.
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 UTMVEHMANNGSP series tracks the total economic output, or GDP, generated by establishments primarily engaged in manufacturing motor vehicles, motor vehicle bodies and trailers, and motor vehicle parts in Utah. This metric is used by economists and policymakers to assess the strength and competitiveness of the state's automobile manufacturing industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP by industry statistics.
Historical Context
Monitoring this trend can help inform economic and industrial policies aimed at supporting and growing Utah's motor vehicle manufacturing sector.
Key Facts
- Utah's motor vehicle manufacturing GDP totaled $2.4 billion in 2021.
- This industry accounts for approximately 2% of Utah's total economic output.
- Motor vehicle manufacturing employment in Utah has grown by 25% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by establishments primarily engaged in manufacturing motor vehicles, motor vehicle bodies and trailers, and motor vehicle parts in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the health and performance of Utah's key automobile manufacturing industry, which is an important contributor to the state's overall economic output and employment.
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 its state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Monitoring this trend can help inform economic and industrial policies aimed at supporting and growing Utah's motor vehicle manufacturing sector.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically 3-6 months after the end of the reference period. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Utah (UTMVEHMANNGSP), retrieved from FRED.