Gross Domestic Product
Real GDP (a measure of economic growth) just returned to its 2006 peak of $51.2 billion in 2018.
Jobs
Rhode Island Private-sector employers have added 45,000 jobs since 2010. From 2017 to 2018, the Rhode Island private sector has added approximately 10,000 jobs. Average hourly wages have increased from $22.50/hr to $27.5/hr in 2018.
Manufacturing employment has declined steadily since 2002, especially during the 2008 recession. There are currently 42,000 jobs in this sector in 2018, down from 71,000 in 2000. Average hourly wages of production employees have increased, up from $22/hr in 2010 to $24/hr in 2018.
Transportation and Warehousing employment has increased since 2010, going from a low of approximately 8,800 workers in 2010 to 10,700 workers in 2018. The average wage in the Transportation, Trade and Utilities sector was $26/hr in 2018, up from $20/hr in 2010.
Unemployment
The unemployment rate in Rhode Island was 4.6%, approximately the same it was the year before. The rate is slightly above the national rate of 3.9%.
Housing
The House Price Index, a measure of the cost of housing, declined from a 2006 high until 2012 when it slowly began to recover. As of 2018, it has hit 560, almost returning to the 2006 peak of 600, showing increasing housing costs.
Home prices in Rhode Island increased by 1.9 percent from the second quarter of 2013 to the second quarter of 2014. They are up 2.7 percent since their recent low in the second quarter of 2012 but remain 25.2 percent below their pre-housing crash peak.
