Real Gross Domestic Product: Social Assistance (624) in Utah
UTSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
928.20
Year-over-Year Change
75.80%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the social assistance industry in the state of Utah. It provides insight into the performance and contribution of this sector to the overall state 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 Real Gross Domestic Product: Social Assistance (624) in Utah series tracks the inflation-adjusted output of businesses and organizations involved in providing social assistance services within the state. This metric is used by economists and policymakers to analyze the strength 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 its state-level GDP by industry accounts.
Historical Context
This economic indicator helps inform policy decisions and investment strategies related to Utah's social services sector.
Key Facts
- Utah's social assistance sector accounts for over 3% of the state's total GDP.
- Real GDP in Utah's social assistance industry grew by 4.2% in 2021.
- The social assistance industry is one of the fastest-growing sectors of Utah's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the social assistance industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of Utah's social services sector, which is an important part of the state's economy and helps inform policy decisions.
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 its state-level GDP by industry accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to assess the strength and growth of Utah's social services industry, which can inform decisions related to funding, regulation, and investments in this sector.
Q: Are there update delays or limitations?
A: There may be lags of several months between the end of a reporting period and the release of the latest data for this trend.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Utah (UTSOCASSRGSP), retrieved from FRED.