Professional and Technical Services Wages and Salaries in Utah
UTWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,234,171.00
Year-over-Year Change
24.10%
Date Range
1/1/1998 - 1/1/2025
Summary
This series tracks wages and salaries in the professional and technical services industry in Utah. It provides insight into labor market conditions and compensation trends within a key sector 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 Professional and Technical Services Wages and Salaries in Utah series measures the average hourly and weekly earnings of workers in a range of knowledge-intensive occupations, including legal, accounting, engineering, and computer services. These data are used by economists and policymakers to analyze labor market dynamics and inform decisions related to economic development and workforce planning.
Methodology
The data are collected through the Quarterly Census of Employment and Wages (QCEW) program, a cooperative effort between the U.S. Bureau of Labor Statistics and state workforce agencies.
Historical Context
These wage and salary trends are closely monitored by state and local governments, as well as businesses and industry groups, to assess the competitiveness of Utah's professional services sector.
Key Facts
- Utah's professional and technical services sector employs over 100,000 workers.
- Wages in this industry are 35% higher than the statewide average.
- The industry has seen strong wage growth in recent years, outpacing national trends.
FAQs
Q: What does this economic trend measure?
A: This series tracks the average hourly and weekly wages paid to workers in the professional and technical services industry in Utah, including occupations such as legal, accounting, engineering, and computer services.
Q: Why is this trend relevant for users or analysts?
A: These data provide important insights into labor market conditions and compensation trends within a key sector of Utah's economy, which is useful for economists, policymakers, and businesses in the state.
Q: How is this data collected or calculated?
A: The data are collected through the Quarterly Census of Employment and Wages (QCEW) program, a cooperative effort between the U.S. Bureau of Labor Statistics and state workforce agencies.
Q: How is this trend used in economic policy?
A: State and local governments, as well as businesses and industry groups, closely monitor these wage and salary trends to assess the competitiveness of Utah's professional services sector and inform economic development and workforce planning decisions.
Q: Are there update delays or limitations?
A: The QCEW data used to calculate this series are typically released with a 3-6 month lag, so the most recent data may not fully reflect the latest economic conditions.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Utah (UTWPRO), retrieved from FRED.