Rhode Island’s economy ended the second quarter on a positive note, according to the latest Current Conditions Index. The index is a monthly rating of the state’s economy based on a dozen key indicators.
Rhode Island’s economy ranked 75 in June, which on the 100 point Current Conditions Index means strong growth. Index creator and University of Rhode Island economics professor Leonard Lardaro says the strong score was helped by a decline in new claims for unemployment insurance, a continuing uptrend in the issuance of single family home permits, and an increase in service jobs.
"Rhode Island’s economy is hanging in there. Our rate of growth appears to be fairly good but because Rhode Island’s economy fell so far we’re not generating really substantial improvements in the level of things so we remain well below where we were," said Lardaro.
Moving forward, Lardaro says the state will be challenged by rising gasoline prices and interest rates. The months to come, he says, will show just how strong our recovery is.
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