Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Utah
UTPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,135.30
Year-over-Year Change
131.37%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services sector in Utah, which includes industries like legal services, accounting, and management consulting. It provides insight into the productivity and output of a key part of the state's economy.
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 GDP of the professional and business services sector in Utah is an important economic indicator that tracks the volume of goods and services produced by this industry over time, adjusted for inflation. It is used by policymakers, analysts, and businesses to assess the overall health and growth of this vital component of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
Trends in real professional and business services GDP in Utah are closely monitored by state and local governments, as well as industry groups, to inform economic and policy decisions.
Key Facts
- Utah's professional and business services sector accounts for over 15% of the state's total GDP.
- This sector has experienced steady growth in real GDP over the past decade.
- The COVID-19 pandemic had a significant but temporary impact on real professional and business services GDP in Utah.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional and business services sector in the state of Utah, which includes industries like legal services, accounting, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: The real GDP of the professional and business services sector in Utah is an important economic indicator that provides insight into the productivity and output of a key part of the state's economy, which is closely monitored by policymakers, analysts, and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Q: How is this trend used in economic policy?
A: Trends in real professional and business services GDP in Utah are closely monitored by state and local governments, as well as industry groups, to inform economic and policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedules and potential revisions as other national income and product account statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Utah (UTPROBUSRGSP), retrieved from FRED.