Real Per Capita Personal Income: Metropolitan Portion for Rhode Island
RIMPRPIPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
55,339.00
Year-over-Year Change
17.78%
Date Range
1/1/2008 - 1/1/2023
Summary
The 'Real Per Capita Personal Income: Metropolitan Portion for Rhode Island' metric measures the average inflation-adjusted income per person in the state's metropolitan areas. This key economic indicator helps policymakers and analysts assess household purchasing power and regional economic conditions.
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
This series tracks the real (inflation-adjusted) personal income per capita for the metropolitan portion of Rhode Island. It is a vital indicator of a region's economic well-being, as it reflects the typical resident's discretionary spending power and living standards.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on personal income estimates and population figures.
Historical Context
This metric is widely used by economists, policymakers, and market analysts to understand consumer trends and guide economic decisions at the state and local level.
Key Facts
- Rhode Island's metropolitan real per capita personal income was $56,703 in 2021.
- This metric has increased by 15% over the past decade in inflation-adjusted terms.
- Rhode Island's metropolitan real per capita income is 95% of the national average.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average inflation-adjusted personal income per person living in the metropolitan areas of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data point is a key indicator of regional economic well-being and household purchasing power, which is vital information for policymakers, businesses, and market analysts.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects personal income and population data to calculate this real per capita personal income metric for Rhode Island's metropolitan areas.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess consumer spending patterns, guide economic development initiatives, and inform decisions around taxation, public programs, and other policies that impact regional prosperity.
Q: Are there update delays or limitations?
A: This data is published annually by the Bureau of Economic Analysis, with a typical 1-year lag between the reference period and the release date.
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Citation
U.S. Federal Reserve, Real Per Capita Personal Income: Metropolitan Portion for Rhode Island (RIMPRPIPC), retrieved from FRED.