Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Rhode Island
RIPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,177.30
Year-over-Year Change
71.85%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Rhode Island. It is an important indicator of economic activity and productivity in a key service 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 GDP of the professional, scientific, and technical services industry in Rhode Island represents the inflation-adjusted value added by this sector to the state's overall economic output. It is a crucial metric for understanding trends in a knowledge-intensive industry that includes legal, accounting, consulting, and R&D services.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
Policymakers and analysts use this metric to assess the health and competitiveness of Rhode Island's knowledge economy.
Key Facts
- Rhode Island's professional services GDP was $7.8 billion in 2021.
- This industry accounts for over 10% of the state's total economic output.
- Real GDP in this sector grew by 4.2% in 2021 after declining in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product of the professional, scientific, and technical services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the productivity and growth of a key knowledge-based sector of the Rhode Island economy, which is crucial for understanding the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and competitiveness of Rhode Island's knowledge economy, which has important implications for economic development, workforce, and innovation policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
Related Trends
Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Rhode Island
RIDURMANRGSP
U.S. Granted Patents: Plant Patents Originating in Rhode Island
PATENTUSRIPLANT
Average Weekly Earnings of All Employees: Construction in Rhode Island
SMU44000002000000011
Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Rhode Island
RIMISCPRONGSP
Gross Domestic Product: Legal Services (5411) in Rhode Island
RILEGALNGSP
Housing Inventory: Median Listing Price per Square Feet in Rhode Island
MEDLISPRIPERSQUFEERI
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Rhode Island (RIPROSCITCHRGSP), retrieved from FRED.