PROVIDENCE – Personal consumption expenditures in Rhode Island increased 4.4% in 2018 to $47.7 billion, according to the Bureau of Economic Analysis Thursday.
Personal consumption expenditures are a measure of consumer spending on goods and services.
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Per capita personal consumption expenditure spending in Rhode Island was $45,144 in 2018, higher than the U.S. per capita PCE spending of $42,757. Rhode Island’s per capita PCE was the lowest in New England. Massachusetts and Connecticut had the two highest per capita personal consumption expenditures in the country in 2018.
Per capita PCE in 2018:
- Massachusetts: $55,095
- Connecticut: $52,941
- New Hampshire: $52,120
- Vermont: $49,950
- Maine: $45,497
- Rhode Island: $45,144
The PCE growth in Rhode Island trailed the national increase of 5.1% in 2018 and was the fourth-highest growth rate in New England. New England PCE increased 4.2% in 2018.
Rhode Island’s PCE increase was led by increases in spending on housing and utilities, food services and accommodations, and “other nondurable goods” besides gasoline and other energy goods, clothing and footwear, and off-premise food and beverage, according to the report.
The PCE growth rate in Rhode Island also increased speed from 2017, when it increased 3.2%.
The largest year-over-year increase in the country from 2017 to 2018 was in Utah, where PCE increased 7.3%.
New England PCE growth in 2018:
- Maine: 5%
- New Hampshire: 4.7%
- Vermont: 4.6%
- Rhode Island: 4.4%
- Connecticut: 4%
- Massachusetts: 4%
