RI economy

Kristin Gourlay / RIPR

Gov.-elect Gina Raimondo is meeting with Rhode Island business leaders as she shapes her new administration. RIPR political analyst Scott MacKay hopes the business hierarchy steps up to help her.

Raimondo is taking over a state government that is much better off than the one Gov. Lincoln Chafee inherited from Don Carcieri four years ago. Unemployment was 11.4 percent; now it’s at 7.4 percent. The state budget deficit is much lower and cities and towns are not hovering over bankruptcy. Even Central Falls is out of receivership.

CVS Health

What to make of the news that CVS Health, which is headquartered in Rhode Island, is opening a high-tech center in Boston.  RIPR political analyst Scott MacKay has some thoughts.

Rhode Island-based CVS Health employs more than 7,000 workers in our state. The pharmacy giant calls Woonsocket home, but the recent news that it is opening a high-tech center in Boston sent shivers through segments of the business and  economic development community in a state with New England’s highest unemployment rate.

John Bender / RIPR

When he visits Rhode Island Friday, President Barack Obama will speak about the improving national economy and the latest Gross Domestic Product data that was released today by the federal government.

Obama is scheduled to arrive at Green State Airport  this evening and stay overnight in Providence. While the White House is not disclosing where the president will stay, sources in Providence say it will be the Omni Hotel downtown, which is attached to the Rhode Island Convention Center.

RIPR FILE

The major candidates for Rhode Island governor have spent much of their campaigns focused on the economy. RIPR political analyst Scott MacKay on what they aren’t telling voters.

All of the Rhode Island political campaigns this year are talking about our state’s sluggish economy. In the governor’s contest between Republican Allan Fung, the Cranston mayor, and Democrat Gina Raimondo, the state treasurer, jobs and the economy often seem to be the only topic.

Aaron Read / RIPR

Rhode Island’s unemployment rate has inched down again, from 7.9 percent in June to 7.7 percent in July, according to data released today by the R.I. Department of Labor and Training.

The 7.7 percent rate is the lowest level since June, 2008, according to figures compiled by the DLT.

The number of Rhode Island based jobs increased by 1,200 from June 2014 and 5,600 since June 2013.

The estimates for nonfarm payroll in the Ocean State was 477,800 in July, the highest number since September 2008.

It has become a Rhode Island cliché that Lincoln Chafee is a failed governor because he hasn’t done enough to create jobs in Rhode Island’s flagging economy.  This notion has been driven relentlessly by talk radio shills and the editorial and news pages of the state’s legacy print media outlets, some of which are groping for relevance in a reshaped media environment.

Gov. Lincoln Chafee and Marcel Valois, executive director of Commerce Rhode Island, will embark on a European trade mission that will be focused on meeting with executives of companies that have expressed an interest in establishing operations in Rhode Island.

Chafee’s press office issued a statement saying that these company executive officials are interested in Rhode Island due to the state’s ``proximity to Europe, as well as the location in the busy northeast corridor and the convenience of TF Green Airport, industrial ports and rail and highway transportation systems.’’

Aaron Read / RIPR

Rhode Island’s unemployment rate has inched down to 8.7 percent in March, an improvement, but evidence that the state trails the region and most of the nation in economic activity.

The state Department of Labor and Training reports that new data shows the seasonally adjusted rate declined from 9 percent in February and is now at the lowest rate since September, 2008.

The number of Rhode Islanders who were working increased to 506,000 in March, a hike of 2,700 from February  statistics.

As promised by House Minority Leader Brian Newberry, the six-member House GOP caucus is moving ahead with a 16-point plan, dubbed "Getting to 25," intended to improve Rhode Island's economy.

It seems sometimes like every Rhode Island business and political leader points to the better economy in Massachusetts. RIPR political analyst Scott MacKay looked across the state border and finds more myth than reality.

Rhode Island businesses say they're optimistic about the state's economy and their own prospects, though they're not yet confident enough to make major capital investments.

That's according to a new survey, as RIPR host Dave Fallon learns from Providence Business News' Mark Murphy in this week's Bottom Line.

RIPR FILE

Rhode Island’s politicians are talking about the economy again. Rhode Island Public Radio political analyst Scott MacKay warns of a campaign cliché voters ought to view with skepticism

As predictable as the turning of autumn leaves, Rhode Island’s political campaigns will once again be filled with talk about creating jobs and jump-starting our stalled economy. Expect to hear the ancient Ocean State chestnut from the pols who’ll say, the biggest economic fear of Rhode Islanders is that their children can’t stay in our state because there aren’t enough jobs.

Rhode Island’s politicians are talking about the economy again. RIPR political analyst Scott MacKay warns of a campaign cliché voters ought to view with skepticism.

As predictable as the turning of autumn leaves, Rhode Island’s political campaigns will once again be filled with talk about creating jobs and jump-starting our stalled economy. Expect to hear the ancient Ocean State chestnut from the pols who’ll say, the biggest economic fear of Rhode Islanders is that their children can’t stay in our state because there aren’t enough jobs.

URI Prof: Signs Show an Improving RI Economy

Sep 16, 2013

A University of Rhode Island economics professor who tracks the state’s economy every month finds it was in good shape for the month of July.

Professor Leonard Lardaro says nine of 12 indicators he tracks are in positive territory.  The only lagging indicators are government employment, the size of the labor force and new claims for unemployment.

Overall, Lardaro said we’re heading into the second half of the year in a fairly strong position.

Ian Donnis / RIPR

State Representative Karen MacBeth (D-Cumberland) wants the House Oversight Committee to use its subpoena power to extract documents and compel appearances by key figures in Rhode Island's losing investment in failed video game maker 38 Studios.

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