Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Utah
UTFININSREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
65,964.90
Year-over-Year Change
139.72%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the finance, insurance, real estate, rental, and leasing sectors in the state of Utah. It provides insight into the performance and contribution of these key industries 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 UTFININSREALNGSP series represents the value added to Utah's GDP by establishments primarily engaged in finance, insurance, real estate, rental, and leasing activities. This data is used by economists and policymakers to analyze the relative strength and growth of these service-oriented sectors within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is closely monitored by state and local governments, as well as businesses and investors, to inform economic development strategies and investment decisions.
Key Facts
- Utah's finance, insurance, real estate, rental, and leasing sectors account for over 20% of the state's GDP.
- This industry group has experienced steady growth, outpacing the overall state economy in recent years.
- The real estate and rental/leasing subsectors make up the largest portion of this economic trend.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the finance, insurance, real estate, rental, and leasing sectors in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and relative importance of these service-oriented industries within Utah's economy, which is valuable for economic analysis and policymaking.
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: State and local governments, as well as businesses and investors, closely monitor this trend to inform economic development strategies and investment decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical delay of 2-3 months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Utah (UTFININSREALNGSP), retrieved from FRED.