Gross Domestic Product: Real Estate (531) in Utah
UTREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,473.20
Year-over-Year Change
118.24%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Real Estate (531) in Utah measures the economic output of the real estate sector in the state. This metric is important for economists and policymakers to understand the health and growth of the housing market.
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 series represents the real output of the real estate sector, which includes activities such as renting, leasing, and managing real estate. It is a key component of overall state GDP and can provide insights into local housing and construction trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on industry surveys and economic modeling.
Historical Context
Policymakers and analysts use this metric to assess the role of the real estate industry in Utah's economy and make informed decisions about housing, infrastructure, and economic development.
Key Facts
- Real estate accounts for over 15% of Utah's GDP.
- The real estate sector in Utah has grown by 3.2% annually over the past 5 years.
- Home prices in Utah have risen by 50% in the last decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output of the real estate sector in the state of Utah, including activities like renting, leasing, and property management.
Q: Why is this trend relevant for users or analysts?
A: The real estate sector is a critical component of Utah's economy, so this metric provides important insights into housing and construction activity that can inform policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on industry surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the role of the real estate industry in Utah's economy and make informed decisions about housing, infrastructure, and economic development.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately two months, so there may be some delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Real Estate (531) in Utah (UTREALNGSP), retrieved from FRED.