Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Utah
UTMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,230.40
Year-over-Year Change
195.04%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Utah. It provides insights into the performance and contribution of this sector 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 UTMISCPRONGSP series tracks the GDP generated by a range of professional and technical service industries in Utah, including legal, accounting, architectural, engineering, and other specialized services. This metric is useful for analyzing the state's economic composition and competitiveness in knowledge-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state program.
Historical Context
Policymakers and economists use this trend to understand the growth and development of Utah's professional service sectors and their role in the state's economic landscape.
Key Facts
- Utah's professional services GDP was $13.4 billion in 2021.
- This sector has grown by over 30% in the past decade.
- Professional services account for nearly 10% of Utah's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the miscellaneous professional, scientific, and technical services industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and competitiveness of Utah's knowledge-based service sectors, which are important drivers of the state's economic growth and development.
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 their comprehensive GDP by state program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to understand the growth and development of Utah's professional service sectors and their role in the state's overall economic landscape.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Utah (UTMISCPRONGSP), retrieved from FRED.