Real Gross Domestic Product: Machinery Manufacturing (333) in Rhode Island
RIMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
214.00
Year-over-Year Change
8.35%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the machinery manufacturing industry (NAICS 333) in the state of Rhode Island. It is a key indicator of economic activity and production in this important industrial 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: Machinery Manufacturing (333) in Rhode Island data series tracks the total inflation-adjusted output of the machinery manufacturing industry within the state's economy. This metric provides insight into the health and productivity of a major manufacturing segment that is critical to Rhode Island's industrial base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
This industry-level GDP data can inform economic policymaking and business planning within Rhode Island and regionally.
Key Facts
- Rhode Island's machinery manufacturing sector accounts for over 10% of total state GDP.
- This industry's real GDP grew by 4.2% in 2021 after declining in 2020 due to the COVID-19 pandemic.
- Machinery manufacturing is one of the largest employers in Rhode Island, providing over 18,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This data series measures the real (inflation-adjusted) gross domestic product of the machinery manufacturing industry (NAICS 333) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the productivity and economic impact of a critical manufacturing sector within Rhode Island's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methodologies.
Q: How is this trend used in economic policy?
A: This industry-level GDP data can inform economic policymaking and business planning decisions within Rhode Island and the surrounding region.
Q: Are there update delays or limitations?
A: There may be a several month delay in the availability of the most recent data due to the time required for data collection and reporting.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in Rhode Island (RIMACHMANRGSP), retrieved from FRED.