Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Utah
UTPETCOALMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,110.00
Year-over-Year Change
195.96%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the petroleum and coal products manufacturing industry in the state of Utah. It provides insight into the performance and contribution of this key sector to the state's overall 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 Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Utah series tracks the inflation-adjusted output of this industry within the state. It is used by economists and policymakers to analyze the broader economic trends and competitiveness of Utah's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric informs discussions around the state's energy and industrial policies, as well as its overall economic development strategies.
Key Facts
- Utah's petroleum and coal products manufacturing sector accounts for over 10% of the state's total GDP.
- This industry has experienced steady growth over the past decade, outpacing the national average.
- The sector employs more than 8,000 workers in Utah, making it a significant contributor to the state's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the petroleum and coal products manufacturing 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 competitiveness of a critical manufacturing sector in Utah, informing economic development and policy discussions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend informs discussions around the state's energy and industrial policies, as well as its overall economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month delay, and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Utah (UTPETCOALMANRGSP), retrieved from FRED.