Real Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island
RIWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.90
Year-over-Year Change
-68.82%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island measures the real output of the wood product manufacturing industry in the state. This metric is important for economists and policymakers to track the performance and productivity of a key manufacturing sector in the regional 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
This series represents the inflation-adjusted value added by the wood product manufacturing industry, which encompasses the production of lumber, plywood, millwork, and other wood products, within the state of Rhode Island. It is a component of the broader state GDP and provides insight into the health and growth of this manufacturing subsector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and production data.
Historical Context
Trends in wood product manufacturing output can inform economic policy decisions and investment strategies related to this industrial sector.
Key Facts
- Wood product manufacturing accounts for over 2% of Rhode Island's GDP.
- Output in this sector grew by 4.2% in 2021 after a pandemic-related decline.
- Rhode Island is home to over 100 wood product manufacturing establishments.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) of the wood product manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Tracking the output of this manufacturing subsector provides insights into the performance and productivity of a key component of Rhode Island's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and production data.
Q: How is this trend used in economic policy?
A: Trends in wood product manufacturing output can inform economic policy decisions and investment strategies related to this industrial sector in Rhode Island.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
Related Trends
Finance and Insurance Wages and Salaries in Rhode Island
RIWFIN
Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Rhode Island
RIFRSTFISHQGSP
Real Gross Domestic Product: Management of Companies and Enterprises (55) in Rhode Island
RIMNGCOENTPRRQGSP
Electric Power Carbon Dioxide Emissions, Coal (Electric Utility) for Rhode Island
EMISSCO2VCLEIBRIA
All Employees: Professional and Business Services: Management of Companies and Enterprises in Rhode Island
SMS44000006055000001
Gross Domestic Product: Transportation and Utilities (22, 48-49) in Rhode Island
RITRANSUTILNGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island (RIWPMANRGSP), retrieved from FRED.