Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in Rhode Island
RIELCEQAPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
160.30
Year-over-Year Change
49.26%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the electrical equipment, appliance, and component manufacturing industry (NAICS 335) in Rhode Island. It provides insight into the economic output and performance of this key manufacturing sector in 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 RIELCEQAPMANNGSP series tracks the total value of goods and services produced by the electrical equipment, appliance, and component manufacturing industry in Rhode Island. This metric is a key indicator of the industry's contribution to the state's overall economic activity and can inform policy decisions and investment strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts use this trend to monitor the health and competitiveness of Rhode Island's manufacturing sector.
Key Facts
- Rhode Island's electrical equipment manufacturing industry accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth, with a 3.2% annual increase in GDP over the past decade.
- The state's proximity to major Northeast markets and skilled workforce are key competitive advantages for the industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the electrical equipment, appliance, and component manufacturing industry (NAICS 335) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and competitiveness of a key manufacturing sector in Rhode Island, which can inform policy decisions and investment strategies.
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 industry analysts use this trend to monitor the health and competitiveness of Rhode Island's manufacturing sector, which is crucial for the state's economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in Rhode Island (RIELCEQAPMANNGSP), retrieved from FRED.