Chain-Type Quantity Index for Real GDP: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Utah
UTRENTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
119.21
Year-over-Year Change
343.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Utah measures the inflation-adjusted output of this sector in 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
This index tracks the real, volume-based production of rental and leasing services, as well as the leasing of intangible assets, in Utah. It provides insight into the growth and health of this important economic segment.
Methodology
The data is calculated based on Bureau of Economic Analysis (BEA) statistics for Utah's GDP.
Historical Context
Economists and policymakers use this index to evaluate the performance of Utah's service-based industries.
Key Facts
- Utah's rental and leasing services sector accounts for over 5% of the state's total GDP.
- This index has grown by an average of 3% annually over the past decade.
- The sector is a key driver of Utah's vibrant, diversified economy.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Utah's rental and leasing services sector, including both tangible and intangible assets.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and growth of an important service industry in Utah's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis based on statistics for Utah's gross domestic product.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to evaluate the health and development of Utah's service-based industries.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Federal Reserve, with a typical 2-3 month lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Utah (UTRENTQGSP), retrieved from FRED.