Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Rhode Island
RIDURMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,062.10
Year-over-Year Change
13.85%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) from durable goods manufacturing industries in Rhode Island. It is a key indicator of the state's industrial production and economic health.
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: Durable Goods Manufacturing (321, 327-339) in Rhode Island series tracks the inflation-adjusted output of durable goods manufacturers in the state. This provides insight into the performance and productivity of a critical sector of Rhode Island's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of establishment surveys and other government sources.
Historical Context
Policymakers and analysts use this metric to assess the strength of Rhode Island's manufacturing base and its contribution to overall economic growth.
Key Facts
- Rhode Island's durable goods manufacturing GDP accounts for over 10% of the state's total economic output.
- This metric has shown moderate growth over the past decade, indicating gradual recovery in the state's industrial base.
- Durable goods manufacturing is a major employer in Rhode Island, supporting tens of thousands of jobs across the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) from durable goods manufacturing industries in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and productivity of a critical sector of Rhode Island's economy, which is important for policymakers and analysts assessing the state's overall economic health.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of establishment surveys and other government sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the strength of Rhode Island's manufacturing base and its contribution to overall economic growth, which informs policy decisions.
Q: Are there update delays or limitations?
A: There may be update delays of several months due to the time required to collect and process the underlying data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Rhode Island (RIDURMANRGSP), retrieved from FRED.