Average Weekly Hours of All Employees: Construction in Utah
SMU49000002000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.80
Year-over-Year Change
4.08%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Construction in Utah metric tracks the average number of hours worked per week by construction workers in the state. This provides insight into the productivity and labor utilization of the construction industry, which is a key sector for economic growth.
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 measures the average weekly hours for all employees in the construction industry in Utah. It is a useful indicator of the overall activity and capacity utilization within the state's construction sector, which can inform economic analysis and policy decisions.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts monitor this metric to assess the health of the construction industry and its impact on the broader state economy.
Key Facts
- Utah's construction industry employs over 100,000 workers.
- The average weekly hours peaked at 42.2 in August 2022.
- Construction is a key driver of Utah's economy, accounting for 5% of GDP.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in the construction industry in Utah.
Q: Why is this trend relevant for users or analysts?
A: The average weekly hours in construction is an important indicator of productivity, labor utilization, and overall activity in this key economic sector.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to assess the health of the construction industry and its impact on the broader state economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Construction in Utah (SMU49000002000000002A), retrieved from FRED.