Gross Domestic Product: Real Estate (531) in Rhode Island
RIREALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,923.10
Year-over-Year Change
52.47%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real estate portion of the gross domestic product (GDP) in the state of Rhode Island. It is an important indicator for economists and policymakers to understand the strength and dynamics of the Rhode Island real estate 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 Gross Domestic Product: Real Estate (531) in Rhode Island metric represents the value-added by the real estate industry to the overall state GDP. It captures activities related to the ownership and leasing of residential and non-residential properties, as well as real estate services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
This trend is closely monitored by real estate investors, developers, and state economic policymakers to gauge the health of the Rhode Island housing and commercial property markets.
Key Facts
- Rhode Island's real estate GDP was $4.9 billion in 2021.
- Real estate accounts for over 12% of Rhode Island's total GDP.
- The real estate sector has grown by 3.2% annually in Rhode Island since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value-added by the real estate industry to the overall gross domestic product (GDP) of the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: The real estate sector is a key driver of economic activity, so this metric provides insight into the health and dynamics of the Rhode Island housing and commercial property markets.
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 state-level GDP estimates.
Q: How is this trend used in economic policy?
A: State policymakers and real estate industry stakeholders closely monitor this trend to gauge the strength of the Rhode Island economy and inform policy decisions related to housing, infrastructure, and economic development.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Real Estate (531) in Rhode Island (RIREALNGSP), retrieved from FRED.