Five Numbers About Rhode Island’s Economy

$460 Million

Decades

The estimated $400 to $500 million investment in the proposed 3 Towers is the largest private investment in Providence since the the mid-1990s was invested to build Providence Place Mall.

The 1.4 million square foot shopping center opened in 1999 at an estimated cost of $460 million.

2007

Employment in Rhode Island

According to the RI Department of Labor and Training RI’s total private sector investment has final reached the rate of 2007.

Rhode Island is one of the last states to get back to 2007 levels for private sector, but still has not fully recovered for total employment.

40% Lower

Massachusetts is performing at a different level

While Rhode Island employment situation has crawled back to 5.5 percent, Massachusetts is 40% lower.

The Commonwealth’s economy is a blistering 3.3 percent. In other words, we are far behind our neighbors to the north.

#42

Forbes Gives RI Poor Ranking for Business

Ugh..yet another poor ranking for Rhode Island. This one from the business magazine Forbes who scores Rhode Island.

“Rhode Island had a net migration out of the state every year from 2005 to 2013. With the third worst average unemployment rate over the past five years, residents are leaving the state in search of jobs. Rhode Island had been stuck in the bottom five overall of Forbes Best States for Business for seven straight years, but moves up four spots in 2016 thanks to improved scores for its labor supply and economic outlook. Another plus: a high percentage of millennials relative to other New England states who can act as cheap, trainable labor.”

700

Billionaire Investor talks on Monday

The Chamber says 700 will attend.

Jonathan Nelson of founder of Providence Equity Partners will be the featured speakers at the Annual Meeting of the Greater Providence Chamber of Commerce on Monday, November 21 at the Rhode Island Convention Center from 6 – 8 p.m.

The reception at 5 p.m.