Rhode Island's Gross State Product
As the following graph shows, the value of Rhode Island's Gross State Product rose significantly between 1963 and 1997, from $2.6 billion to $28.9 billion (in current, unadjusted dollars.) The state experienced particularly strong growth during the 1980s, when an influx of Federal defense spending and an accelerating housing market spurred local economic expansion. After a recession in the early 1990s, Rhode Island's economy began a rapid expansion once again.
Note: The GSP estimates of private industries for 1987 forward are presented on the basis of the 1987 Standard Industrial Classification code (SIC). Estimates for earlier years are presented on the basis of the 1972 SIC. The following industries may have significant differences between the 1987 and 1972 SIC: electronic and other electrical equipment, instruments and related products, depository and non-depository institutions, business services, and other services. All dollar amounts are in current dollars, meaning they are unadjusted for inflation.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, Regional Economic Analysis Division, April 2006.
Irena Nedeljkovic-Cunningham