Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Utah
UTTRANGRNDTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
324.30
Year-over-Year Change
123.50%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the transit and ground passenger transportation industry in Utah. It provides insights into the performance and growth of this key transportation sector within 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 Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Utah series tracks the inflation-adjusted output of businesses involved in providing passenger transportation by bus, rail, and other transit and ground modes in the state. This metric is used by economists and policymakers to assess the health and contribution of this industry to Utah's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts (NIPA) methodology.
Historical Context
This economic trend is relevant for understanding Utah's transportation infrastructure, consumer demand, and broader economic conditions.
Key Facts
- Utah's transit and ground passenger transportation industry accounts for approximately 1% of the state's total GDP.
- This economic sector grew by 3.2% in 2021, outpacing the overall Utah economy.
- The COVID-19 pandemic significantly impacted transit ridership and GDP in this industry during 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the transit and ground passenger transportation 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 transportation sector, which is crucial for understanding the state's broader economic conditions and infrastructure needs.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts (NIPA) methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and growth of Utah's transportation infrastructure, which informs decisions about investment, regulation, and overall economic planning.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Utah (UTTRANGRNDTRANRGSP), retrieved from FRED.