Gross Domestic Product: Private Services-Providing Industries in Utah
UTPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
206,006.20
Year-over-Year Change
142.47%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of private services-providing industries in the state of Utah. It is an important indicator of the overall health and productivity of Utah's services sector, which is a key driver of the state'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: Private Services-Providing Industries in Utah metric tracks the inflation-adjusted value added by private services-providing industries, including trade, transportation, utilities, information, financial activities, professional and business services, education, health care, and other services. This data provides insights into the performance and growth of Utah's service-oriented businesses.
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
This trend is closely monitored by policymakers, economists, and businesses to assess the strength and trajectory of Utah's service-based economy.
Key Facts
- Utah's private services-providing industries account for over 70% of the state's GDP.
- The services sector has been a key driver of Utah's economic growth in recent years.
- This metric provides insight into the performance of Utah's major service-based industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of private services-providing industries in the state of Utah, including trade, transportation, utilities, information, financial activities, and other service-based sectors.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of the overall health and productivity of Utah's services sector, which is a key driver of the state's economy. It provides insights into the performance and growth of Utah's service-oriented businesses.
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: This trend is closely monitored by policymakers, economists, and businesses to assess the strength and trajectory of Utah's service-based economy, which is crucial for informing economic policies and business strategies.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, but there may be some delays or limitations in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Utah (UTPRISERVPRONGSP), retrieved from FRED.