PROVIDENCE – Personal consumption expenditures, or PCE, in Rhode Island increased 3.3 percent in 2016 to $44.9 billion, according to the Bureau of Economic Analysis Wednesday.
According to the BEA website, the PCE is the primary measure of consumer spending on goods and services in the U.S. economy.
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New England on average raised PCE for 2016 by 3.7 percent over 2015. Rhode Island PCE rose the third fastest in the region behind New Hampshire (4.4 percent) and Massachusetts (3.5 percent).
Per capita personal consumption expenditure in Rhode Island in 2016 was $42,454, the lowest among the six New England states. Massachusetts has the highest per capita PCE among the 50 states at $51,981, although the District of Columbia reported per capita PCE of $56,843. Mississippi had the lowest per capita personal expenditure at $30,200.
In Rhode Island, expenditures on furniture and other durable household equipment increased at a faster rate than any other expenditure, rising 7.2 percent year over year.
Rhode Island spending on gasoline declined 9.2 percent year over year in 2016, the only expenditure that declined that year. Gas expenditures also dropped nationally.
Chris Bergenheim is the PBN web editor.
