Gross Domestic Product: Construction (23) in Rhode Island
RICONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,250.30
Year-over-Year Change
66.17%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the construction component of Gross Domestic Product (GDP) in the state of Rhode Island. It provides insight into the health and activity of the construction industry, a key sector of the state's economy.
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: Construction (23) in Rhode Island series tracks the value added by the construction industry to the state's overall economic output. It is an important indicator of investment, infrastructure development, and real estate activity within Rhode Island.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive state-level GDP estimates.
Historical Context
This metric is closely watched by policymakers, investors, and economists to assess Rhode Island's economic conditions and growth prospects.
Key Facts
- Construction accounts for approximately 4% of Rhode Island's total GDP.
- The construction industry employs over 15,000 people in Rhode Island.
- Rhode Island's construction GDP has grown by 7.2% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value added by the construction industry to Rhode Island's overall Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: The construction component of GDP is an important indicator of investment, infrastructure development, and real estate activity within the state, making it highly relevant for policymakers, investors, and economists.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This metric is closely watched by policymakers to assess Rhode Island's economic conditions and growth prospects, informing decisions on infrastructure investment, housing policy, and other construction-related initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Rhode Island (RICONSTNGSP), retrieved from FRED.