Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Rhode Island
RIFURNMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82.80
Year-over-Year Change
46.81%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry in Rhode Island. It provides insights into the economic performance and productivity of this important manufacturing 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 GDP of the furniture and related product manufacturing industry in Rhode Island is a key indicator of the health and growth of this manufacturing subsector. It helps policymakers and economists understand the contribution of this industry to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
This trend is used by policymakers, industry analysts, and investors to assess the economic conditions and competitiveness of the furniture manufacturing industry in Rhode Island.
Key Facts
- Rhode Island's furniture manufacturing GDP was $221 million in 2021.
- This industry accounts for 1.2% of the state's total GDP.
- Furniture manufacturing employment in Rhode Island has declined by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the furniture and related product manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of the furniture manufacturing industry in Rhode Island, which is an important part of the state's manufacturing sector and overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, industry analysts, and investors to assess the economic conditions and competitiveness of the furniture manufacturing industry in Rhode Island, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a typical delay of 3-4 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Rhode Island (RIFURNMANNGSP), retrieved from FRED.