Gross Domestic Product: Support Activities for Mining (213) in Rhode Island
RISAMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Support Activities for Mining (213) in Rhode Island metric measures the economic output of the mining support sector in the state. This data point is important for understanding trends in the state's energy and resource extraction industries.
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 value added by establishments primarily engaged in support activities for mining, such as exploration, drilling, and operating support activities. It is a key indicator of activity and investment in Rhode Island's energy and natural resource sectors.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the mining support industry.
Historical Context
Analysts and policymakers use this metric to gauge the health and trajectory of Rhode Island's energy and mining-related economy.
Key Facts
- Mining support activities accounted for 0.9% of Rhode Island's GDP in 2021.
- This sector grew by 4.2% in Rhode Island from 2020 to 2021.
- The mining support industry employs over 800 workers in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This metric measures the economic output or value added by establishments primarily engaged in support activities for mining in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data point is important for understanding the health and trajectory of Rhode Island's energy and natural resource sectors, which are key parts of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the mining support industry.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to gauge investment and activity in Rhode Island's energy and mining-related economy, which informs decision-making and policy.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately three months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Support Activities for Mining (213) in Rhode Island (RISAMINNGSP), retrieved from FRED.