Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island
RINDURMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,924.40
Year-over-Year Change
41.32%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) generated by the nondurable goods manufacturing sector in Rhode Island. It provides insights into the performance and contributions of this important industry within 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: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island series represents the total economic output of industries such as food manufacturing, textile mills, apparel manufacturing, paper manufacturing, and plastics and rubber products manufacturing in the state. This metric is closely monitored by economists and policymakers to understand the health and competitiveness of Rhode Island's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP-by-industry estimates.
Historical Context
This economic trend is relevant for understanding Rhode Island's industrial composition, competitiveness, and economic diversification.
Key Facts
- Rhode Island's nondurable goods manufacturing sector accounts for over 10% of the state's GDP.
- This industry has experienced steady growth in recent years, outpacing the national average.
- The largest subsectors are food manufacturing and plastics and rubber products manufacturing.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the nondurable goods manufacturing sector in the state of Rhode Island. It includes industries like food, textile, apparel, paper, and plastics manufacturing.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and competitiveness of a key industry within Rhode Island's economy, which is important for understanding the state's overall economic health and diversification.
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 its GDP-by-industry estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and competitiveness of Rhode Island's manufacturing base, which informs decisions related to economic development, workforce training, and industrial policy.
Q: Are there update delays or limitations?
A: There may be some delay in the availability of the most recent data, as it is dependent on the release schedule of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island (RINDURMANNGSP), retrieved from FRED.