Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Rhode Island
RIFININSREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20,464.60
Year-over-Year Change
64.93%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the GDP contribution of the finance, insurance, real estate, rental, and leasing sectors in Rhode Island. It provides insight into the state's economic composition and the relative size of these key industries.
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 Gross Domestic Product (GDP) by industry data tracks the economic output of different sectors in Rhode Island. The finance, insurance, real estate, rental, and leasing industries are a critical part of the state's economy, and this metric helps quantify their collective contribution.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Historical Context
This GDP trend is used by policymakers, analysts, and businesses to assess Rhode Island's economic performance and competitiveness.
Key Facts
- Rhode Island's finance, insurance, real estate, rental, and leasing sectors account for over 20% of the state's GDP.
- This industry group has grown faster than the overall state economy in recent years.
- The finance and insurance subsectors make up the largest component of this GDP trend.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) contribution of the finance, insurance, real estate, rental, and leasing industries in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic composition and competitiveness of key sectors in Rhode Island, which is valuable for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Q: How is this trend used in economic policy?
A: This GDP trend is used by policymakers, analysts, and businesses to assess Rhode Island's economic performance and identify opportunities for growth in these critical industries.
Q: Are there update delays or limitations?
A: The GDP by industry data is released on a quarterly basis, so there may be a several-month delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Rhode Island (RIFININSREALNGSP), retrieved from FRED.