Real Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Utah
UTDATAWWWRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,315.60
Year-over-Year Change
133.24%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the data processing, hosting, and other information services industry in Utah. It provides insights into the performance and growth of this critical technology 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 Real Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Utah trend tracks the inflation-adjusted output of this industry, which includes businesses that provide internet hosting, data processing, and information-related services. This metric helps economists and policymakers assess the competitive position and productivity of Utah's technology-driven economic activities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting procedures.
Historical Context
This trend is used to inform economic and technology policy decisions at the state level, as well as by private sector analysts tracking regional industry performance.
Key Facts
- Utah's data processing and information services industry accounts for over 3% of the state's total GDP.
- This sector has experienced consistent annual growth of around 5% over the past decade.
- The industry employs more than 30,000 workers in Utah, with an average annual wage above the state's median.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product for 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 metric provides insights into the performance and competitiveness of Utah's technology-driven economic activities, which is crucial information for policymakers, industry analysts, and businesses.
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 income and product accounting procedures.
Q: How is this trend used in economic policy?
A: This trend is used to inform economic and technology policy decisions at the state level, as well as by private sector analysts tracking regional industry performance.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, which is a common limitation for many economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Utah (UTDATAWWWRGSP), retrieved from FRED.