Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Utah
UTMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,262.60
Year-over-Year Change
154.28%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Utah. It provides insight into the productivity and economic output of this key 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
The Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Utah series tracks the inflation-adjusted economic output of this industry, which includes activities such as legal services, accounting, architecture, engineering, and scientific research. This metric is used by economists and policymakers to analyze the health and growth of Utah's professional services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by economists, industry analysts, and policymakers to understand the broader economic conditions and competitiveness of Utah's professional services sector.
Key Facts
- Utah's professional services sector accounts for over 10% of the state's GDP.
- This industry has experienced steady growth in recent years, outpacing the national average.
- The miscellaneous professional services category includes a diverse range of high-skilled, high-wage occupations.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Utah. It provides insight into the productivity and economic output of this key sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is closely monitored by economists, industry analysts, and policymakers to understand the broader economic conditions and competitiveness of Utah's professional services sector, which is a significant contributor to the state's overall economic growth.
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 trend is used by policymakers, economic development agencies, and industry organizations to assess the performance and needs of Utah's professional services sector, informing decisions on workforce development, business incentives, and infrastructure investments.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months. There may be revisions to historical data as part of regular updates to national economic accounts.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Utah (UTMISCPRORGSP), retrieved from FRED.