Real Gross Domestic Product: Construction (23) in Rhode Island
RICONSTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,139.30
Year-over-Year Change
-9.43%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) contribution of the construction industry in Rhode Island. It is a key indicator of economic activity and investment in the state's construction 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: Construction (23) in Rhode Island series tracks the inflation-adjusted value added by the construction industry to the state's overall economic output. This metric provides insight into the health and performance of Rhode Island's construction-related businesses and investment.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to assess the construction industry's role in Rhode Island's economic growth and development.
Key Facts
- Construction accounts for over 5% of Rhode Island's GDP.
- This metric has grown by an average of 2.5% annually over the past decade.
- The construction industry employs approximately 20,000 workers in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contribution of the construction industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and performance of Rhode Island's construction sector, which is a key driver of economic activity and investment 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 national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the construction industry's role in Rhode Island's economic growth and development, informing decisions on infrastructure investment, housing policy, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with a delay of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in Rhode Island (RICONSTRGSP), retrieved from FRED.