Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Rhode Island
RIRENTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
881.10
Year-over-Year Change
25.05%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the rental and leasing services and lessors of nonfinancial intangible assets industry in Rhode Island. It provides insight into the economic activity and performance of this key 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 RIRENTNGSP series tracks the GDP generated by businesses involved in renting, leasing, and licensing various tangible and intangible assets in Rhode Island. This data point is used by economists and policymakers to analyze the state's economic composition and growth drivers.
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 relevant for understanding Rhode Island's economic structure and competitiveness, as well as informing policy decisions that may impact the rental and leasing industry.
Key Facts
- Rhode Island's rental and leasing GDP was $2.14 billion in 2021.
- This industry accounts for over 3% of the state's total economic output.
- The rental and leasing sector has grown faster than the overall Rhode Island economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the rental and leasing services and lessors of nonfinancial intangible assets industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insights into the economic performance and importance of the rental and leasing sector in Rhode Island, which is a key driver of the state's economy.
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: This trend is used by economists and policymakers to analyze Rhode Island's economic composition and growth drivers, informing decisions that may impact the rental and leasing industry.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Rental and Leasing Services and Lessors of Nonfinancial Intangible Assets (532-533) in Rhode Island (RIRENTNGSP), retrieved from FRED.