Gross Domestic Product: Warehousing and Storage (493) in Utah
UTWARESTORNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
818.00
Year-over-Year Change
89.09%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the Warehousing and Storage (493) industry in Utah measures the economic output of this sector. It is a key indicator of the state's logistics infrastructure and a barometer for broader economic activity.
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 GDP for the Warehousing and Storage industry in Utah represents the total value of goods and services produced by this sector. It captures the economic contribution of businesses involved in the storage and distribution of a wide range of products across the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This economic trend is closely watched by policymakers and industry analysts to gauge the health of Utah's logistics and supply chain ecosystem.
Key Facts
- Utah's Warehousing and Storage GDP reached a record high in 2021.
- The sector accounts for over 2% of the state's total economic output.
- Warehousing and Storage GDP has grown by 30% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Warehousing and Storage (493) industry in the state of Utah. It quantifies the total economic output of businesses involved in the storage and distribution of goods.
Q: Why is this trend relevant for users or analysts?
A: The Warehousing and Storage GDP is a key indicator of the health and growth of Utah's logistics infrastructure, which is crucial for supporting broader economic activity and supply chain operations within the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to gauge the strength of Utah's logistics and supply chain ecosystem, which informs infrastructure investment decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The Warehousing and Storage GDP data is typically published on a quarterly basis with a lag of several months, so there may be a delay in accessing the most recent figures.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Warehousing and Storage (493) in Utah (UTWARESTORNGSP), retrieved from FRED.