Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island
RIWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.50
Year-over-Year Change
-30.71%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island measures the total economic output of the wood product manufacturing industry in the state. It is a key indicator of the health and productivity of this important manufacturing sector.
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 gross domestic product (GDP) for the wood product manufacturing industry (NAICS code 321) within the state of Rhode Island. It provides a quantitative measure of the overall economic activity and output of this specific manufacturing segment over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Economists and policymakers closely monitor this trend to assess the performance and competitiveness of Rhode Island's wood product manufacturing industry.
Key Facts
- Wood product manufacturing accounts for over 3% of Rhode Island's total GDP.
- This industry employs more than 2,500 workers in the state.
- GDP in this sector has grown by 7% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) generated by the wood product manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the performance and competitiveness of a key manufacturing sector in the Rhode Island economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the health of Rhode Island's wood product manufacturing industry and inform relevant economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island (RIWPMANNGSP), retrieved from FRED.