Value-Added Output for Private Nonfarm in Rhode Island
IPUZNT300440000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
64,514.50
Year-over-Year Change
61.52%
Date Range
1/1/2007 - 1/1/2024
Summary
The Value-Added Output for Private Nonfarm in Rhode Island measures the total economic value created by private businesses in the state, excluding farms. This metric is crucial for understanding Rhode Island's economic productivity 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
Value-Added Output represents the net output of a private business after adding up all outputs and subtracting intermediate inputs. It provides insights into the real economic contribution of industries within Rhode Island, excluding the agricultural sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their Regional Economic Accounts.
Historical Context
Policymakers and analysts use this metric to assess the health and composition of Rhode Island's private-sector economy.
Key Facts
- Rhode Island's value-added output reached $58.3 billion in 2021.
- The manufacturing sector accounts for the largest share of Rhode Island's value-added output.
- Value-added output grew by 5.2% in Rhode Island in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: The Value-Added Output for Private Nonfarm in Rhode Island measures the total net economic value created by private businesses in the state, excluding the agricultural sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and composition of Rhode Island's private-sector economy, which is crucial for understanding the state's overall economic performance and growth.
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 Economic Accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and growth of Rhode Island's private-sector economy, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Value-Added Output for Private Nonfarm in Rhode Island (IPUZNT300440000), retrieved from FRED.