Gross Domestic Product: Social Assistance (624) in Rhode Island
RISOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
657.20
Year-over-Year Change
73.63%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the social assistance industry in the state of Rhode Island. Understanding this sector's economic impact is crucial for policymakers and analysts assessing the state's economic performance and growth.
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: Social Assistance (624) in Rhode Island metric tracks the total economic output of the social assistance industry, which includes services such as individual and family services, community food and housing, and vocational rehabilitation. This data provides insights into the relative size and significance of this industry within Rhode Island's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP by industry estimates.
Historical Context
This economic trend is used by policymakers, economists, and market analysts to evaluate the health and growth of Rhode Island's service sector and assess the state's overall economic landscape.
Key Facts
- Rhode Island's social assistance industry contributed $1.4 billion to the state's GDP in 2021.
- The social assistance sector accounts for approximately 2.5% of Rhode Island's total economic output.
- This industry has experienced steady growth, with a 3.2% increase in GDP contribution from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the social assistance industry in the state of Rhode Island, including services such as individual and family services, community food and housing, and vocational rehabilitation.
Q: Why is this trend relevant for users or analysts?
A: Understanding the economic impact of the social assistance industry is crucial for policymakers and analysts assessing Rhode Island's overall economic performance and growth, as well as the relative size and significance of this sector within 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 regional GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This economic trend is used by policymakers, economists, and market analysts to evaluate the health and growth of Rhode Island's service sector and assess the state's overall economic landscape.
Q: Are there update delays or limitations?
A: The data is typically updated on an annual basis by the U.S. Bureau of Economic Analysis, with potential for some delay in the most recent year's figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Rhode Island (RISOCASSNGSP), retrieved from FRED.