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’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.
The U.S. Census Bureau’s latest data contain mixed signals about the state of Rhode Island’s economy. The median income climbed by double digits but the state still has the highest poverty rate in the region.
While Rhode Island’s median household income climbed 14 percent from 2011 to 2012, the state remained stuck with the highest poverty rate in New England. Thirteen-point-six percent of all residents are living below the federal poverty level. Second is Maine at 12.8 percent.
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.
The Rhode Island Division of Taxation held a drawing Tuesday to award just $35 million in state historic tax credits. The General Assembly voted earlier this year to reopen the historic tax credit program.
The Division of Taxation used a drawing to pick who would get the tax credits since demand outstripped supply. State Tax Administrator David Sullivan says the recipients comprise a variety of projects expected to boost the economy.
The owners of the Providence Arcade, the nation’s oldest indoor shopping mall, have announced some new tenants. They include two restaurants and a women’s clothing boutique.
The largest restaurant space in the Arcade has been rented by an eatery called Rogue Island. It will specialize in local food and beer. Also joining the Arcade business group is Livi’s Pockets a purveyor of fast Mediterranean food.
Rounding out the list of new tenants is a shop called Nude, which will feature the women’s clothing and handbags of six New England designers.
Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday they look at business news and themes that affect local business and the public.
This week Dave and Mark talk with Rhode Island Foundation President and CEO Neil Steinberg. They discuss the new campaign to market Rhode Island’s strengths; called “It’s All in Your Back Yard,” along with public reaction to the campaign.