Real Gross Domestic Product: Computer Systems Design and Related Services (5415) in Rhode Island
RICPUSYSDSGNRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,647.40
Year-over-Year Change
197.26%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the computer systems design and related services industry in Rhode Island. It is an important indicator of productivity and economic activity in this technology-driven 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: Computer Systems Design and Related Services (5415) in Rhode Island series tracks the output of businesses engaged in computer systems design, programming, and other IT services within the state. This metric provides insights into the growth and performance of this high-value industry in the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by economists, policymakers, and industry analysts to assess the health and competitiveness of Rhode Island's technology sector.
Key Facts
- Rhode Island's computer systems design industry accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth of 3-4% annually over the past decade.
- The real GDP of computer systems design in Rhode Island is significantly higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the computer systems design and related services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the productivity and economic performance of a key technology sector within the Rhode Island economy, which is closely watched by economists, policymakers, and industry stakeholders.
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: This trend is used by economists and policymakers to assess the competitiveness and growth potential of Rhode Island's technology sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: There may be a 1-2 quarter delay in the availability of this data due to the time required for collection and calculation by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Computer Systems Design and Related Services (5415) in Rhode Island (RICPUSYSDSGNRGSP), retrieved from FRED.