PROVIDENCE – Per capita personal consumption spending in Rhode Island increased 3.2% year over year, to $49.8 billion, the Bureau of Economic Analysis said on Thursday.
The state had the lowest per capita personal consumption expenditures in New England at $47,045.
PCE measures the cost of the goods and services purchased by or on behalf of households and the net expenditures of nonprofit institutions serving households.
The rate of increase in Ocean State personal spending was slower than the national increase of 3.9% for the year. The BEA said that nationally, the increase was driven by an increase in spending on housing and utilities and health care. The U.S. average per capita PCE was $44,276.
New England PCE increased 3.3% in 2019, and the per capita spend in the region was $53,985.
The 3.2% increase in Rhode Island PCE included a 6.1% increase in food services and accommodation spending, a 4.1% increase in spending on health care, and a 4.5% increase in furnishings and durable household equipment. Housing and utilities PCE in Rhode Island only increased by 2.4% year over year, slower than the 4.3% rise nationally.
The PCE rate of increase in 2019 in Rhode Island ranked as the third lowest in New England:
- New Hampshire PCE increased 3.7%. The per capita PCE in the state was $54,585.
- Massachusetts PCE increased 3.5% in 2019. The per capita PCE was $56,231.
- Maine PCE increased 3.3% year over year. The per capita PCE was $47,351.
- Connecticut PCE increased 2.9% in 2019. The per capita PCE was $54,786.
- Vermont PCE increased 1.8% in 2019. The per capita PCE was $49,377.
