Some large banking and insurance companies have major operations in the state. Providence is an important New England financial center. “Rhode Island’s economy is very vulnerable at this moment.”. The state's leading manufactured products were jewelry, silverware, machinery, primary metals, textiles, and rubber products. “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.”. There also is a need for investments in child-care assistance and an expansion of paid leave, adult education and affordable housing. The pandemic also exposed the income gaps among workers, racial groups and cities. All business guidance materials and information about reopening are available at www.reopeningRI.com. After he takes office, President-elect Joe Biden said he would press for more aid to state and local governments. The Ocean state was the leader in textiles; however, most textile firms relocated to the southern parts of the country during the Great Depression. The state is down 40,900 jobs since the February peak. 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. Another job that's available is … “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. If … Income is generated by a variety of businesses, including private research facilities, law firms, computer programming companies and repair shops. Economists noted two other troubling statistics. That will require raising taxes, cutting services or receiving federal aid to close the gap. 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. Rhode Island's economy was historically based overwhelmingly on industry; agriculture, mining, forestry, and fishing making only small contributions. The leading service industry in Rhode Island is the finance, insurance and real estate group. In the meantime, the Rhode Island Commerce Corp., the state’s economic development arm, says the state has completed $1.5 billion in infrastructure … Although we have poor (I wouldn't say terrible...) soil, we find a way around it. Hotel occupancy was off 60% from November 2019. Not so much. “The pandemic caused a perfect social-economic storm that will make this holiday season particularly challenging to many Rhode Islanders,” he said. The impact was visible in destination and commerce centers such as downtown Providence and Newport that attract local, regional and foreign workers and visitors. “Rhode Island may be small, but our economy is mighty on the strength of our small businesses and innovative technologies,” Raimondo tweeted Thursday night. An official website of the United States government make sure you're on a federal government site. Economy Economy in Rhode Island mainly revolves around agriculture and livestock. Rhode Island also had an important influence on the industrial development of the United States. 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 … “I wish we had more to give out,” she said, “I know it’s not enough. information you provide is encrypted and transmitted securely. The situation is dire for these Point Judith fishermen, Can Santa save RI's holiday tourism season? (1) Number of persons, in thousands, seasonally adjusted. The $900-billion aid package being disputed by Trump and Congress does not include money for state and local governments to close revenue shortfalls. One of the jobs you can snag is as a farmer or dairy farmer. The leisure and hospitality sector is off 15,700 jobs since February. Calamari Comeback State? 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. 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. There was some rebound in jobs and economic activity during the summer, as COVID cases declined and government restrictions were eased. 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. Coincident Economic Activity Index for Rhode Island . 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. “It will be a long recovery for business.”. Hotel occupancy in Providence in November was 27.8%, not counting the Omni Providence and Graduate Providence, which have been closed. “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. 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