Initial claims for unemployment benefits continued to rise in December. Rhode Island’s economy, battered in 2020 by waves of COVID-19 and government restrictions on business to stop the spread, faces more headwinds in the new year. Business economic support and guidance can be found at the RI Commerce website or by calling 521-HELP (521-4357). Other business leaders who have studied and worked through prior downturns also said the pandemic has severely weakened the state’s economy, with long-term impacts. Rhode Island is a state in the New England region of the United States. The US average is 3.7%. The $900-billion aid package being disputed by Trump and Congress does not include money for state and local governments to close revenue shortfalls. A related statistic, the state’s labor force participation rate, which measures the percentage of the working-age population that is in the labor market, dropped to 62%, its lowest level since 1976. Rhode Island lost 500 jobs in November, and the unemployment rate rose to 7.3%, according to the latest data from the Rhode Island Department of Labor and Training. Gina Raimondo said she has had to balance a public health crisis and an economic crisis at the same time. The Rhode Island Convention Center is still being used as a field hospital; meeting, convention and sporting events have been pulled. The Here is how you know. The state’s labor force, including those working and those unemployed, fell to 540,918, the lowest level in 20 years. https:// ensures that you are connecting to the official website and that any Federal government websites often end in .gov or .mil. The balance between Rhode Island various economic sectors differs largely between various regions and other states in … But there also are signs of the start of a recovery sometime in 2021. Economists noted two other troubling statistics. (3) Number of jobs, in thousands, seasonally adjusted. John Kostrzewa, a former assistant managing editor/Business at The Providence Journal, can be reached at johnekostrzewa@gmail.com. Other leaders said the state’s human capital is among Rhode Island’s most important assets, but growing income divisions between the rich and poor will hold the state back. The coronavirus struck in March just after Rhode Island’s employment peaked in February, and the unemployment rate was 3.4%. “It will be a long recovery for business.”. Job creation is at a standstill just waiting for the Rhode Island Economic Development Corporation to be … Many consumers, especially those who continued to work during the pandemic and benefited from stock market gains, seem ready to shop, travel and spend once restrictions are lifted and they feel safe. “While we are hopeful that the availability of the vaccine will help move us toward a COVID-free state, we should prepare for a bumpy ride and plan accordingly,” she said. Not so much. Those sectors are among the hardest hit by the pandemic. Raimondo said she can’t think about lifting government restrictions until many more Rhode Islanders are vaccinated and the state's test positivity rate drops below 5%. Rhode Island also had an important influence on the industrial development of the United States. And some of those jobs won’t come back. “The recovery won’t feel like a recovery to many people,” he said. make sure you're on a federal government site. She said the state and federal governments need to provide relief, including rental assistance and moratoriums on evictions and utility shutoffs. “Fragile” is the way Laurie White, president of the Greater Providence Chamber of Commerce, described the economy at year’s end. Rhode Island's economy was historically based overwhelmingly on industry; agriculture, mining, forestry, and fishing making only small contributions. There was some rebound in jobs and economic activity during the summer, as COVID cases declined and government restrictions were eased. There are 39,200 Rhode Islanders who are out of work and looking for a job. WASHINGTON — President-elect Joseph R. Biden Jr. is expected to announce Gina M. Raimondo, the governor of Rhode Island, as his commerce secretary, a key economic … “The people of Rhode Island are the economy.”, “If people are struggling, it has a direct impact on businesses and the overall economy,” she said. She hoped that could happen in late winter or early spring. Another job that's available is … All around the state, they're giving it a shot, RI Commerce board approves incentives for Pawtucket, Westerly projects, Your California Privacy Rights/Privacy Policy. Rhode Island’s ability to attract jobs, companies and investments also may be weakened by a projected $400-million to $500-million state budget deficit for the fiscal year that starts July 1. The data also show the deep impact of the virus on jobs and the workforce. The pandemic also exposed the income gaps among workers, racial groups and cities. Not so much. Coincident Economic Activity Index for Rhode Island . The number does not include people who have fallen off the unemployment rolls and are no longer looking for work. “There is no glossing over the fact that our industry hit our rock bottom,” said Kristen Adamo, president and CEO of the Providence Warwick Convention & Visitors Bureau. Population (2010) 1,052,567; (2019 est.) More: Calamari Comeback State? Tebaldi, the Bryant economist, said economic growth can be spurred if state voters approve bond issues on the March ballot to raise and invest $400 million for several infrastructure projects. Vaccinations have begun that experts say will curb and eventually eliminate the virus. Also unclear is the fate of a $900-billion stimulus package passed by Congress to put money in the hands of the unemployed, small businesses and most households. The Rhode Island Labor Force Trends report for February 2008 showed a rate of 5.8% unemployment, an increase over the January figures and a dramatic leap from 4.9% of February 2007. Rhode Island includes the following metropolitan areas for which an Economy At A Glance table is available: Norwich-New London, CT-RI (Metropolitan NECTA) Providence-Fall River-Warwick, RI-MA (Metropolitan NECTA) Geographically based survey data available from BLS: Employment & … Other crucial historical industries in this state are silverware, costume jewelry, and tool making. “The recovery could exacerbate economic inequality,” said Sasse. PROVIDENCE -- Economists are warning that Rhode Island is plunging into recession, facing a sharp, severe decline and a slow, gradual recovery. The .gov means it's official. Economy Economy in Rhode Island mainly revolves around agriculture and livestock. The NCAA will not hold March Madness games at the Dunkin' Donuts Center as it had planned, costing local businesses millions in revenue from fans and visitors. The site is secure. Area 1,545 square miles (4,001 square km). Rhode Island lost 98,100 jobs in March and April — one out of every five jobs. “As the vaccine starts to become more widespread, we are hopeful to see some growth in April through June when some events are scheduled,” Adamo said, “We’re feeling optimistic about the remainder of the year, as we feel there is pent-up demand on the part of both leisure travelers, event planners and attendees.”. Restore Greater Newport has been formed by local groups to accelerate the recovery by securing personal protective equipment from local manufacturers, developing a Shop Local campaign, and helping members win state grants to buy tents, heaters and barricades to stay open during the winter. Since the outbreak, more than 230,000 claims have been filed. Although we have poor (I wouldn't say terrible...) soil, we find a way around it. “Many economists forecast a 'K'-shaped recovery where educated professions and the well-off prosper, but most middle- and lower-income families and small businesses face continued economic stress and dislocation.”, Rachel Flum, executive director of the Economic Progress Institute, a research and policy group that advocates for low- and moderate-income Rhode Islanders, said. “The economic downturn exacerbated social divides, inflicting significant pain to less-educated and lower-income workers,” said Edinaldo Tebaldi, an economist and professor at Bryant University. In the meantime, the Rhode Island Commerce Corp., the state’s economic development arm, says the state has completed $1.5 billion in infrastructure … Footnotes But a second wave of the virus that grew to record numbers of infections and hospitalizations through the fall and early winter prompted governors to reimpose strict rules on travel, gatherings and business, sending economies into a tailspin again. There also is a need for investments in child-care assistance and an expansion of paid leave, adult education and affordable housing. The Rhode Island Current Conditions Index (CCI) is a monthly indicator that details the present state of the Rhode Island economy by following the behavior of twelve key economic indicators pertaining to housing, retail sales, fiscal pressures, the employment situation, and labor supply. A prosperous place during the Industrial Revolution, Rhode Island has been trying to reinvent its economy for decades. “Our shared vision is for a faster, better recovery than the Greater Newport region and Rhode Island overall has experienced before,” the group said in a joint statement. If … Other large employers include local universities like Brown University. Leonard Lardaro, an economist and professor at the University of Rhode Island, said economic data for 2020 will be revised early next year and may show that Rhode Island’s downturn during the pandemic was deeper than during the Great Recession of 2008 to 2010. Hotel occupancy in Providence in November was 27.8%, not counting the Omni Providence and Graduate Providence, which have been closed. Evan Smith, president and CEO of Discover Newport, a nonprofit that promotes the Newport area, said the U.S. Travel Association forecasts that domestic leisure travel will not return to 2019 levels until 2022 and room revenue won’t reach 2019 levels until 2024. President-elect Joe Biden’s nominee to lead the Commerce Department said Wednesday if confirmed she will take much of what she has learned improving her home state of Rhode Island’s economy and apply it at the federal level. Simply looking at raw numbers doesn’t always tell the whole story. Rhode Island's economy was historically based overwhelmingly on industry, with agriculture, mining, forestry, and fishing making only small contributions. The introduction of Slater Mill by Samuel Slater in 1793 helped the state to transition into an industrial economy. Economy in Providence, Rhode Island Providence has an unemployment rate of 4.7%. After he takes office, President-elect Joe Biden said he would press for more aid to state and local governments. President-elect Joe Biden has tapped the governor of Rhode Island, the mayor of Boston, and a small-business advocate from California as the newest members of his economic team. The Division of Statewide Planning works closely with the U.S. Economic Development Agency (EDA) to secure Federal financial assistance for individual projects. Besides recovering from COVID-19, Rhode Island faces some long-standing economic issues, including an aging and stagnant population and a public education system that has damaged the state’s competitiveness. “A low labor force participation indicates that fewer people are working to support their families,” Tebaldi said. It also shares a small maritime border with New Y… During her coronavirus briefing on Tuesday, Gov. President Donald Trump has threatened not to sign the bill, saying it is inadequate and leaving the aid in limbo. Economic Development Our vision is a Rhode Island economy that builds on the state’s existing assets to position it for future Rhode Islanders. More evidence of the plunge showed up in the Rhode Island Economic Indicator Briefing, put out by Bryant University and the Rhode Island Public Expenditure Council. An uneven recovery will widen those divisions and make it harder to pull all Rhode Islanders and the state out of the recession. More: RI Commerce board approves incentives for Pawtucket, Westerly projects. Calamari Comeback State? Hotel occupancy was off 60% from November 2019. Norwich-New London, CT-RI (Metropolitan NECTA), Providence-Fall River-Warwick, RI-MA (Metropolitan NECTA), Employment, Hours, and Earnings from the CES survey (State and Area), Create Customized Maps -- Unemployment Rates. 1,059,361. In 2018, Rhode Island had a population of 1.06M people with a median age of 40 and a median household income of $64,340. In Rhode Island, certain sectors drive more GDP and employ more workers than others. Before sharing sensitive information, “Right before COVID, Rhode Island … Number, Weekly, Not Seasonally Adjusted 1986-02-08 to 2020-12-26 (2 days ago) Providence has seen the job market increase by 1.5% over the last year. One of the jobs you can snag is as a farmer or dairy farmer. GDP: 58 billion dollars (44th in U.S., 2016)Unemployment: 5.5% (2015)Overview: Rhode Island's largest employers are the state government, the federal government (excluding armed service members), and health services. “I wish we had more to give out,” she said, “I know it’s not enough. Sasse said, “The outlook for 2021 and beyond will be enhanced if decision makers focus like a laser on an economic game-changer strategy concentrating on digital technology, educational initiatives in science and technology, infrastructure, accelerated financing of student outcomes and government effectiveness.”. Index 2007=100, Monthly, Seasonally Adjusted Jan 1979 to Nov 2020 (Dec 23) Covered Employment in Rhode Island . The Ocean state was the leader in textiles; however, most textile firms relocated to the southern parts of the country during the Great Depression. information you provide is encrypted and transmitted securely. The state takes its name from Rhode Island; however, most of the state is located on the mainland. “Since March, sectors of our industry have either not been able to work, such as those in events and entertainment, or are barely scraping by, like restaurants and hotels,” she said. This is a forward-looking forecast based on the state’s standing (equal-weighted average) in 15 important state policy variables. Rhode Island has quite a few jobs. The community, business and personal services group is Rhode Island's second-ranked service industry. Factoring employment and GDP growth over the past five years will give you a deeper understanding of the economic situation in Rhode Island. Newport became a major trading and shipping port, and Rhode Island's economy boomed. Any Rhode Island recovery could also be lengthened by the unique challenges the state faces, including a difficult business climate and an economy heavily weighted on low-wage jobs in leisure, hospitality and retail. Income is generated by a variety of businesses, including private research facilities, law firms, computer programming companies and repair shops. The state's leading manufactured products were jewelry, silverware, machinery, primary metals, textiles, and rubber products. The leading service industry in Rhode Island is the finance, insurance and real estate group. The situation is dire for these Point Judith fishermen, Can Santa save RI's holiday tourism season? (2) In percent, seasonally adjusted. Meanwhile, top … Business owner information about COVID-19: click here Rhode Island is currently ranked 43 rd in the United States for its economic outlook. One of the most critical outcomes of Rhode Island’s in… As the year turns, Adamo said, “Downtown Providence continues to struggle as its core audiences — tourists, office workers, event attendees — continue to be absent.”. Rhode Island has a fantastic economy with everything ranging from trading to jobs. Land Relief. The state is down 40,900 jobs since the February peak. (4) Number of jobs, in thousands, not seasonally adjusted. Rhode Island hosted 26.2 million visitors in 2019. ECONOMY: Rhode Island, Rhode Island: United States Unemployment Rate: 3.7%: 3.7% Recent Job Growth: 1.5%: 1.6% Future Job Growth: 30.1%: 33.5% Sales Taxes: 7.0%: 6.2% Income Tax: 3.8%: 4.6% Income per Cap. “Rhode Island may be small, but our economy is mighty on the strength of our small businesses and innovative technologies,” Raimondo tweeted Thursday night. $33,315: $31,177 Household Income: $61,043: $57,652 Family Median Income: $79,043: $70,850: POPULATION BY OCCUPATION Agriculture, forestry, fishing, hunting: 0.4%: 1.3% Real Rhode Island GDP, at $61.884 bn in 2019, is at the highest level recorded to date. The unemployment rate spiked to 18.1%. The state has land borders with Connecticut to the west, Massachusetts to the north and east, and the Atlantic Ocean to the south via Rhode Island Sound and Block Island Sound. The government's emergency orders, including the shutdown of nonessential businesses to control the virus, collapsed the economy. More evidence of the plunge showed up in the Rhode Island Economic Indicator Briefing put out by Bryant University and the Rhode Island Public Expenditure Council. (p) Preliminary. The impact was visible in destination and commerce centers such as downtown Providence and Newport that attract local, regional and foreign workers and visitors. Providence is an important New England financial center. Healthcare: In the first 10 years of the 21st century, healthcare was the largest growing industry in … The situation is dire for these Point Judith fishermen, More: Can Santa save RI's holiday tourism season? “It’s been brutal for business,” she said. “Rhode Island has done well compared to other states in regaining jobs lost initially during the pandemic, but the reverberations will continue to knock many small businesses off-kilter for an extended period,” she said. Between 2017 and 2018 the population of Rhode Island declined from 1.06M to 1.06M, a -0.219% decrease and its median household income … Ranking third is the wholesal… Raimondo said the state has awarded $125 million to businesses in targeted programs for hard-hit industries. Rhode Island’s economy, battered in 2020 by waves of COVID-19 and government restrictions on business to stop the spread, faces more headwinds in the new year. Some large banking and insurance companies have major operations in the state. She … In spite of this, many of the products for which Rhode Island is famous are still being manufactured. The state's leading manufactured products were jewelry, silverware, machinery, primary metals, textiles, and rubber products. I hope the federal government does more.”. Others said the pace of the recovery will be determined by the path of the coronavirus, when government restrictions would end, the amount of state and federal aid, and creative collaborations to spur economic activity. Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. That will require raising taxes, cutting services or receiving federal aid to close the gap. It’s time to boldly invest to transform Rhode Island’s labor force into an innovative, creative and entrepreneurial society.”. See About the data. In the late 1990s, manufacturing declined steadily as a contributor to state economic output, falling from 14.7% in 1997 to 11.1% in 2001. Four organizations — the Providence Warwick Convention & Visitors Bureau, the Providence Foundation, the Downtown Improvement District and the City of Providence — have banded together to launch programs to help businesses survive. “The pandemic caused a perfect social-economic storm that will make this holiday season particularly challenging to many Rhode Islanders,” he said. It is the smallest U.S. state by area and the seventh least populous, but it is also the second most densely populated. Rhode Island Economy Commerce/Business Information. The fishing industry was the main contributor to Rhode Island’s economy during the colonial era. "Rhode Island may be small, but our economy is mighty on the strength of our small businesses and innovative technologies," Raimondo tweeted Thursday night. The western two-thirds of Rhode Island is part of the New England Upland, with hills rising as high as 800 feet (240 metres) above sea level. Data reflect state and local rates and revenues and any effect of federal deductibility. The collaboration also worked with the state on training grants to get people back to work and help employers find the talent they need. Rhode Island economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. Still, Rhode Island’s full recovery may be years away, because it’s not clear how many will take the vaccine, if there will be another surge after the holidays, when coronavirus cases will disappear and when people will feel comfortable enough to return to normal activities. Trends in Rhode Island Real GDP. (1) Number of persons, in thousands, seasonally adjusted. The leisure and hospitality sector  is off 15,700 jobs since February. “Rhode Island may be small, but our economy is mighty on the strength of our small businesses and innovative technologies,” Raimondo tweeted Thursday night. Rhode Island: Economy Rhode Island's traditional manufacturing economy has diversified and is now also based on services, trade (retail and wholesale), and finance. Over the 5 years ending in 2019 the Rhode Island economy grew in real terms by 5.21% at a compound annual growth rate of 1.02% per year. Gary Sasse, founding director of the Hassenfeld Institute of Public Leadership at Bryant University, called Rhode Island’s economy “fragile and uncertain.”, “It is likely that Rhode Island will experience a slow recovery similar to that after the financial crisis of 2008,” he said, “The road to economic health will be long, with both employment and real estate product not reaching pre-COVID levels until fiscal year 2023.” (Real estate product is the value of all goods and services produced.). In terms of GDP, the largest industries after healthcare are tourism and manufacturing. Increasing 3.2% over the prior year, both day (+3.4%) and overnight (+2.8%) visitors contributed to growth.The total traveler economy surpassed $7.0 billion in 2019, registering $7.1 billion and increasing 4.0%.This includes visitor spending, tourism-related construction, and supporting industries. He added that Rhode Island should “smartly support the most important driver of economic prosperity: its people. An official website of the United States government Lardaro, the URI economist, said a “painfully slow recovery” could take three to five years. Also inhibiting Rhode Island’s recovery is a business climate that ranks in the bottom third of all states in national rankings and an economy still based less on technology and more on low-skill, low-wage service jobs. In the late 1990s, manufacturing declined steadily as a contributor to state economic output, falling from 14.7% in 1997 to 11.1% in 2001. Adamo said state grants awarded to the leisure and hospitality industry have been a start, but much more is needed, because the first quarter of 2021 looks like 2020. “Rhode Island’s economy is very vulnerable at this moment.”. All around the state, they're giving it a shot. Source: U.S. Bureau of Labor Statistics All business guidance materials and information about reopening are available at www.reopeningRI.com. 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