Per Capita Personal Income in Rhode Island
RIPCPI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69,936.00
Year-over-Year Change
54.39%
Date Range
1/1/1929 - 1/1/2024
Summary
The Per Capita Personal Income in Rhode Island metric measures the average income per person in the state, providing insight into economic well-being and standard of living.
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 metric represents the total personal income in Rhode Island divided by the state's population, offering a snapshot of the average income level and economic conditions for Rhode Island residents.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and economists use this trend to assess the overall economic health and development in Rhode Island.
Key Facts
- Rhode Island's per capita personal income was $59,278 in 2021.
- The state's per capita income is below the national average.
- Personal income growth in Rhode Island has lagged behind the U.S. in recent years.
FAQs
Q: What does this economic trend measure?
A: The Per Capita Personal Income in Rhode Island metric measures the average income earned per person in the state, providing insight into the overall economic well-being and standard of living.
Q: Why is this trend relevant for users or analysts?
A: This metric is relevant for understanding the economic conditions and development in Rhode Island, as it offers a gauge of the typical income level and purchasing power of state residents.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the overall economic health and development in Rhode Island, informing decisions and policies aimed at promoting economic growth and improving living standards.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so the most recent figures may not reflect the current economic conditions in Rhode Island.
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Citation
U.S. Federal Reserve, Per Capita Personal Income in Rhode Island (RIPCPI), retrieved from FRED.