Real Gross Domestic Product: Private Industries in Utah
UTPIRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
209,328.30
Year-over-Year Change
72.94%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Industries in Utah measures the total economic output of the private sector in the state of Utah, adjusted for inflation. This key metric provides insights into the overall health and growth of Utah's private 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 real (inflation-adjusted) value added by private industries in the state of Utah. It is a crucial indicator of economic performance and is widely used by policymakers, analysts, and businesses to understand Utah's private sector activity and its contribution to the state's overall economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
Trends in Utah's private industry GDP are closely monitored by state and federal policymakers to inform economic policy decisions.
Key Facts
- Utah's private industry GDP reached a record high in 2021.
- The real private GDP in Utah has grown by over 25% since 2010.
- The private sector accounts for more than 80% of Utah's overall economic output.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Private Industries in Utah measures the total economic output of the private sector in the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the overall health and growth of Utah's private economy, which is a key driver of the state's economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: Trends in Utah's private industry GDP are closely monitored by state and federal policymakers to inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Utah (UTPIRGSP), retrieved from FRED.