Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Rhode Island
RIADMINWASTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,212.40
Year-over-Year Change
41.81%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support and waste management and remediation services industry in Rhode Island. It is a key indicator of economic activity and productivity in this important service sector.
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 and Waste Management and Remediation Services (56) in Rhode Island series tracks the inflation-adjusted output of businesses providing administrative and support services, as well as waste management and remediation services, within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This industry-level GDP metric is used by economists, policymakers, and market analysts to assess the health and trends within Rhode Island's service economy.
Key Facts
- This industry accounts for over 4% of Rhode Island's total GDP.
- Real GDP in this sector grew by 2.5% in 2021 after declining in 2020.
- Administrative and waste services employ more than 30,000 workers in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the administrative and support and waste management and remediation services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP metric provides important insights into the productivity and economic health of a key service sector within Rhode Island'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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and market analysts use this metric to assess trends and make informed decisions about the Rhode Island service economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most current information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in Rhode Island (RIADMINWASTRGSP), retrieved from FRED.