Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Rhode Island
RITRANGRNDTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
270.90
Year-over-Year Change
115.51%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the transit and ground passenger transportation industry in the state of Rhode Island. It provides insights into the performance and contribution of this critical transportation sector to 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: Transit and Ground Passenger Transportation (485) in Rhode Island metric tracks the economic output of businesses engaged in providing passenger transportation, such as urban transit systems, taxis, limousines, and school and charter buses. This data is used by economists and policymakers to analyze the state's transportation infrastructure and its impact on economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic indicator is relevant for understanding the state's transportation and infrastructure policies, as well as the overall health of the Rhode Island economy.
Key Facts
- Rhode Island's transit and ground passenger transportation GDP was $251 million in 2021.
- This sector accounts for approximately 0.5% of the state's total economic output.
- The industry has seen steady growth over the past decade, reflecting investments in public transportation infrastructure.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the transit and ground passenger transportation industry in the state of Rhode Island, including businesses like urban transit systems, taxis, and charter buses.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and economic contribution of the transportation sector, which is crucial for understanding Rhode Island's infrastructure, economic growth, and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This indicator is used by economists and policymakers to analyze the state's transportation infrastructure and its impact on economic growth, informing decisions about infrastructure investments and transportation policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Rhode Island (RITRANGRNDTRANNGSP), retrieved from FRED.