Gross Domestic Product: Professional and Business Services (54, 55, 56) in Utah
UTPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34,934.20
Year-over-Year Change
162.08%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the output of the professional and business services sector in Utah, which includes industries like legal services, accounting, and management consulting. It is an important indicator of economic activity and productivity in the state.
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 Gross Domestic Product: Professional and Business Services (54, 55, 56) in Utah metric tracks the inflation-adjusted value added by establishments in this key industry group, providing insight into the overall health and growth of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Policymakers and analysts use this trend to understand broader economic conditions and make informed decisions.
Key Facts
- Utah's professional and business services sector accounts for over 15% of the state's GDP.
- This industry group has seen steady growth over the past decade, outpacing the national average.
- The COVID-19 pandemic had a moderate impact on professional and business services in Utah compared to other sectors.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total inflation-adjusted value added by establishments in the professional and business services industry group within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: The professional and business services sector is a key driver of economic activity and productivity, so this metric provides important insight into the overall health and growth of Utah's economy.
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 its regional GDP estimation process.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand broader economic conditions in Utah and make informed decisions about economic development, workforce planning, and other policy interventions.
Q: Are there update delays or limitations?
A: There is typically a 1-2 quarter delay in the release of this data, and the estimates may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Utah (UTPROBUSNGSP), retrieved from FRED.