Gross Domestic Product: Social Assistance (624) in Utah
UTSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,186.50
Year-over-Year Change
162.85%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Social Assistance (624) in Utah measures the total economic output related to social assistance services in the state. This metric is crucial for policymakers to understand trends in Utah's social service sector and its broader economic impact.
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 tracks the total inflation-adjusted value added by establishments primarily engaged in providing social assistance services, such as individual and family services, community food and housing, and vocational rehabilitation services, within the state of Utah. It is a key component of overall state GDP and an important indicator of the health and growth of Utah's social services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the Gross Domestic Product by State program.
Historical Context
Monitoring this GDP component helps policymakers and economists assess the performance and needs of Utah's social assistance sector and its role in the broader state economy.
Key Facts
- GDP for Utah's social assistance sector was $2.4 billion in 2020.
- This industry accounts for 2.3% of Utah's total gross domestic product.
- Social assistance GDP in Utah has grown by an average of 4.2% annually since 2010.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Social Assistance (624) in Utah measures the total economic output of establishments primarily engaged in providing social assistance services within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for policymakers and economists to understand trends in Utah's social service sector and its broader economic impact, helping to assess the performance and needs of this industry.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the Gross Domestic Product by State program.
Q: How is this trend used in economic policy?
A: Monitoring this GDP component helps policymakers and economists assess the performance and needs of Utah's social assistance sector and its role in the broader state economy.
Q: Are there update delays or limitations?
A: The data is published annually with a several-month lag, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Utah (UTSOCASSNGSP), retrieved from FRED.