Real Gross Domestic Product: Machinery Manufacturing (333) in Utah
UTMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
633.60
Year-over-Year Change
26.97%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Machinery Manufacturing (333) in Utah measures the inflation-adjusted economic output of the machinery manufacturing industry in the state of Utah. This metric is crucial for understanding the health and trends of Utah's manufacturing sector.
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 represents the real (inflation-adjusted) value-added output from the machinery manufacturing industry (NAICS code 333) in the state of Utah. It is a key indicator of the production capacity and economic contribution of this important manufacturing subsector within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of surveys and economic indicators.
Historical Context
Policymakers and analysts use this metric to assess the competitiveness and growth potential of Utah's machinery manufacturing industry.
Key Facts
- Utah's machinery manufacturing industry accounts for over 10% of the state's total GDP.
- This sector has seen steady growth of 3-5% annually over the past decade.
- Machinery manufacturing is one of Utah's largest and most export-oriented industries.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) from the machinery manufacturing industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: The machinery manufacturing industry is a crucial component of Utah's economy, so this metric provides important insights into the performance and competitiveness of this key sector.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and indicators.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this metric to assess the health and growth potential of Utah's manufacturing base, which informs decisions around economic development, trade, and workforce policies.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 months, so it may not reflect the most current economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in Utah (UTMACHMANRGSP), retrieved from FRED.