Real Gross Domestic Product: Warehousing and Storage (493) in Rhode Island
RIWARESTORRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
80.40
Year-over-Year Change
-1.95%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the warehousing and storage industry in the state of Rhode Island. It is an important indicator of the health and productivity of this key logistics 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 Gross Domestic Product: Warehousing and Storage (493) in Rhode Island series tracks the inflation-adjusted output of businesses engaged in operating warehousing and storage facilities for general merchandise, refrigerated goods, and other products in the state. This provides insight into the scale and efficiency of Rhode Island's supply chain infrastructure.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this metric to assess the performance and competitiveness of Rhode Island's logistics networks.
Key Facts
- Rhode Island's warehousing GDP accounts for 2.1% of the state's total economic output.
- The warehousing industry employs over 6,700 workers in Rhode Island.
- Real warehousing GDP in Rhode Island grew by 4.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the warehousing and storage industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the scale, efficiency, and competitiveness of Rhode Island's logistics infrastructure, which is crucial for supporting the state's broader economic activity and supply chains.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this metric to assess the performance and competitiveness of Rhode Island's logistics networks and inform decisions related to infrastructure investment, economic development, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Bureau of Economic Analysis, with a typical 2-3 month lag between the end of the reference period and the public release of the information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Warehousing and Storage (493) in Rhode Island (RIWARESTORRGSP), retrieved from FRED.