Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Utah
UTDATAWWWNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,776.90
Year-over-Year Change
93.15%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the data processing, hosting, and other information services industry in the state of Utah. It provides insights into the growth and performance of this key sector of 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 GDP data for the data processing, hosting, and other information services industry in Utah represents the total value of goods and services produced by this sector. It is an important indicator of the economic health and competitiveness of Utah's technology and information services industries.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP estimates for states and metropolitan areas.
Historical Context
Policymakers and business leaders use this trend to analyze the competitive position and growth potential of Utah's information services sector.
Key Facts
- Utah's data processing and information services sector accounts for over 3% of the state's total GDP.
- This industry has experienced strong growth, with GDP increasing by over 50% in the past decade.
- The data processing and information services industry is a key driver of Utah's thriving technology ecosystem.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the data processing, hosting, and other information services industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the growth and performance of Utah's technology and information services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP estimates for states and metropolitan areas.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this trend to analyze the competitive position and growth potential of Utah's information services sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a short delay to allow for data collection and processing.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Utah (UTDATAWWWNGSP), retrieved from FRED.