Gross Domestic Product: Administrative and Support Services (561) in Utah
UTADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,125.70
Year-over-Year Change
146.79%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the administrative and support services industry (NAICS 561) in the state of Utah. It is a key indicator of the strength and growth of this important service 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 administrative and support services industry includes a wide range of back-office and operational support functions for businesses, such as office administration, facilities management, and business support services. Tracking the GDP contribution of this industry provides insight into the overall productivity and competitiveness of Utah's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This GDP trend is widely used by policymakers, economists, and business analysts to assess the health and competitive position of Utah's economy.
Key Facts
- Utah's administrative services GDP was $7.4 billion in 2021.
- This industry accounts for 3.8% of Utah's total GDP.
- The administrative services GDP in Utah has grown 35% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the administrative and support services industry (NAICS 561) in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of this industry provides insight into the overall productivity and competitiveness of Utah's economy, which is valuable for policymakers, economists, and business analysts.
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 frameworks.
Q: How is this trend used in economic policy?
A: This GDP trend is widely used by policymakers, economists, and business analysts to assess the health and competitive position of Utah's economy.
Q: Are there update delays or limitations?
A: There may be typical publication delays in the release of this data by the statistical agencies.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in Utah (UTADMINSUPNGSP), retrieved from FRED.