Chain-Type Quantity Index for Real GDP: Private Industries in Utah
UTPIQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138.70
Year-over-Year Change
72.94%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Private Industries in Utah measures the real economic output of private industries in the state. It is a key indicator of Utah's economic health and growth.
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 index tracks the real GDP, or total economic production, of Utah's private sector. It is adjusted for inflation to provide a clear picture of actual output changes over time, rather than just nominal dollar values.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using survey information and economic models.
Historical Context
Policymakers and analysts use this index to gauge the strength and trajectory of Utah's private economy.
Key Facts
- Utah's private industries account for over 80% of the state's total economic output.
- This index has grown by an average of 3.2% annually over the past decade.
- The index reached an all-time high in 2021 as the state's economy rebounded from the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Private Industries in Utah measures the real, inflation-adjusted economic output of Utah's private sector.
Q: Why is this trend relevant for users or analysts?
A: This index provides a clear picture of the health and growth of Utah's private economy, which is crucial for understanding the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using survey information and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to gauge the strength and trajectory of Utah's private economy, which informs decisions on economic development, taxation, and other policies.
Q: Are there update delays or limitations?
A: The index data is typically released on a quarterly basis with a delay of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Private Industries in Utah (UTPIQGSP), retrieved from FRED.