Gross Domestic Product: Manufacturing (31-33) in Rhode Island
RIMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,574.50
Year-over-Year Change
39.27%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Manufacturing (31-33) in Rhode Island measures the total economic output of the manufacturing sector in the state. This metric is crucial for understanding Rhode Island's economic performance and competitiveness.
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
This series represents the inflation-adjusted value added by the manufacturing industry in Rhode Island. It is a key indicator of the health and productivity of the state's manufacturing base, which is an important driver of economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this metric to gauge the strength of Rhode Island's manufacturing sector and inform economic development strategies.
Key Facts
- Manufacturing accounts for over 10% of Rhode Island's total GDP.
- The state's manufacturing output has grown by 3% annually over the past decade.
- Rhode Island ranks among the top 20 states for manufacturing productivity.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total economic output, or value added, by the manufacturing sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: The performance of Rhode Island's manufacturing industry is a key indicator of the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economic development officials use this metric to monitor the manufacturing sector and inform strategies to support and grow this important industry in Rhode Island.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Manufacturing (31-33) in Rhode Island (RIMANNGSP), retrieved from FRED.