EDC Says It Created 1,500 Jobs
GoLocalProv Business Team
EDC Says It Created 1,500 Jobs
In all, the EDC programs supported 3,446 jobs. Of those 1,586 were new jobs and 1,860 were pre-existing jobs the EDC saved from elimination. The EDC says it levered a combination of business development services, tax credits, loads, and other tools to help a total of 3,815 companies over the course of the last fiscal year. (See below chart for the full breakdown.)
Those companies that received aid were in “key growth industry sectors” including manufacturing, defense, life sciences, financial services, IT, and renewable energy. Most of the companies were already located in Rhode Island.
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The EDC says the jobs it created or saved represent a “significant return” on a $4.64 million investment that it put into those programs.
“Our FY2010 report shows that the RIEDC continues to deliver tangible results in the midst of significant challenges in rebuilding a Rhode Island economy as we emerge from a national recession,” said RIEDC Executive Director Keith Stokes.
He added: “Much work remains to be done in critical areas, including access to capital for small businesses, streamlining the permitting process, urban revitalization and business cultivation and attraction. With leadership from Governor Chafee, the RIEDC Board and input from the business community, we are developing a concrete action plan for FY2012 to create a healthier and more competitive economy capable of sustaining long-term job and industry growth in Rhode Island.”
The EDC also said that it helped local businesses obtain more than $133 million in government contracts at the local, state, and federal level. Plus, those companies it assisted invested over $300 million in new capital projects throughout the state.
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