Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Utah
Quarterly, Seasonally Adjusted
UTMINQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.98
Year-over-Year Change
-4.38%
Date Range
1/1/2005 - 1/1/2025
Summary
The 'Quarterly, Seasonally Adjusted' series measures the real Gross State Product (GSP) for Utah, a key indicator of the state's economic performance and growth.
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 GSP is the value of all goods and services produced within a state's economy, adjusted for inflation. Economists and policymakers use this data to analyze Utah's economic trends, make informed decisions, and track the state's progress relative to national benchmarks.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator provides important context for state-level fiscal and monetary policies.
Key Facts
- Utah's GSP reached a record high of $178 billion in 2021.
- The state's economy grew by 4.9% in 2021, outpacing the national average.
- Utah has consistently been among the fastest-growing state economies in the U.S.
FAQs
Q: What does this economic trend measure?
A: The 'Quarterly, Seasonally Adjusted' series measures the real Gross State Product (GSP) for the state of Utah, which represents the total value of all goods and services produced in the state's economy.
Q: Why is this trend relevant for users or analysts?
A: The Utah GSP is a key indicator of the state's economic performance and growth, providing important insights for policymakers, businesses, and investors seeking to understand the state's economic conditions and forecast future trends.
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: This economic indicator provides important context for state-level fiscal and monetary policies, helping policymakers and analysts assess the overall health and direction of Utah's economy.
Q: Are there update delays or limitations?
A: The Quarterly, Seasonally Adjusted GSP data for Utah is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Quarterly, Seasonally Adjusted (UTMINQQGSP), retrieved from FRED.