Real Gross Domestic Product: Administrative and Support Services (561) in Rhode Island
RIADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,947.70
Year-over-Year Change
47.60%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support services industry (NAICS 561) in the state of Rhode Island. It is an important indicator of the overall economic health and productivity of this key service sector within 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 Real Gross Domestic Product: Administrative and Support Services (561) in Rhode Island series tracks the inflation-adjusted economic output of firms providing administrative support, facilities support, and business support services in Rhode Island. This measure is used by economists and policymakers to assess the performance and contribution of this industry to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Trends in this administrative services GDP metric can provide insights into the broader economic conditions and business environment within Rhode Island.
Key Facts
- Rhode Island's administrative services GDP accounts for around 5% of the state's total economic output.
- This industry grew by 2.3% in real terms last year, outpacing the overall state GDP growth rate.
- Administrative and support services employ over 40,000 workers in Rhode Island, a significant share of the state's workforce.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Administrative and Support Services (561) in Rhode Island series measures the inflation-adjusted economic output of the administrative and support services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of a key service sector to Rhode Island's overall economic activity, which is useful for economists, policymakers, and businesses operating in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this administrative services GDP metric can inform economic development strategies, workforce planning, and policies affecting the business environment in Rhode Island.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Rhode Island (RIADMINSUPRGSP), retrieved from FRED.