Regional Price Parities: Services: Other: Metropolitan Portion for Utah
UTMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.37
Year-over-Year Change
-7.85%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Metropolitan Portion for Utah measures cost-of-living differences for non-housing services in metropolitan areas across the state compared to the national average.
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 index provides a relative price level for non-housing services in Utah's metro areas, allowing for state-level comparisons of the purchasing power of consumer incomes. It is used by policymakers and analysts to understand regional variations in the cost of living.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a proprietary methodology.
Historical Context
This metric is valuable for assessing economic competitiveness and cost-of-living factors at the state and local level.
Key Facts
- Utah's metro areas have a relative price level of 94.1 for non-housing services compared to the national average.
- This index has increased by 5.4% over the past 5 years, indicating rising relative prices for services in Utah.
- The non-housing services index is lower than Utah's overall regional price parity of 97.7, reflecting relatively affordable non-housing costs.
FAQs
Q: What does this economic trend measure?
A: This metric measures the relative price level for non-housing services, such as healthcare, transportation, and recreation, in Utah's metropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The regional price parity for non-housing services is an important indicator of the cost of living and economic competitiveness in Utah, allowing for state-to-state and regional comparisons.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a proprietary methodology.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, businesses, and analysts to understand regional variations in the cost of living, which informs decisions about economic development, wages, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The regional price parity data is published annually with a lag, so the most recent data may not reflect the current economic conditions.
Related Trends
Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Utah
UTARTENTRECRGSP
Estimate of People Age 0-17 in Poverty in Utah
PEU18UT49000A647NCEN
Transportation Carbon Dioxide Emissions, Natural Gas (Pipeline) for Utah
EMISSCO2VNGACBUTA
All Employees: Financial Activities: Credit Intermediation and Related Activities in Utah
SMU49000005552200001A
Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Utah
UTOTHSERVENQGSP
Number of Identified Exporters to Slovakia from Utah
UTSVKA475SCEN
Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Metropolitan Portion for Utah (UTMPRPPSERVEOTH), retrieved from FRED.