economy

West Warwick Residents Approve Critical Budget

May 23, 2014
Wikimedia Commons

Residents of West Warwick have passed a town budget that scales back services and raises taxes as part of an effort to avoid a financial crisis.  The move is a early step for the town's path to fiscal stability.

The $86.3 million budget comes with plenty of concessions, including cuts in town programs, a 2.9 percent increase in property taxes, and reductions to public employee pensions. But town manager Frederick Presley said the concessions are necessary if West Warwick wants to avoid bankruptcy.

Ian Donnis / RIPR

Democratic gubernatorial candidate Clay Pell unveiled Wednesday his plan for improving Rhode Island’s economy, as part of the first in what he said will be a series of forthcoming policy initiatives.

In broad strokes, Pell said if elected governor he would focus on improving the state's public schools, strengthening infrastructure, and leveraging Rhode Island's assets.

Ian Donnis / RIPR

Democratic gubernatorial candidate Gina Raimondo says the state needs to streamline and modernize regulations to encourage entrepreneurs.

Speaking at Foolproof Brewing in Pawtucket, Raimondo cited the company as part of Rhode Island’s growing craft-brewing sector. But Raimondo says startups like Foolproof are succeeding in spite of excessive and antiquated regulations. She says entrepreneurs are sometimes left feeling like they’ve done something wrong after filling out government applications and permits.

RIPR FILE

A conservative-leaning think tank says Rhode Island spends more than 220 million dollars each year on what it calls non-essential state services.  The Rhode Island Center for Freedom and Prosperity says cutting this spending would improve Rhode Island’s economy.

RIPR FILE

The House Labor Committee is slated to review a bill Tuesday that could increase the use of apprentices on state public works contracts. But critics say that mandating more work by apprentices could increase costs for municipal and state projects.

A union-backed bill sponsored by Providence Representative John Carnevale would require companies bidding on public projects worth more than $1 million to have an apprenticeship program. The legislation would apply only to contractors and subcontractors with five or more employees.

The Quonset Business Park welcomes ships carrying Honda vehicles to the Port of Davisville Monday. This is the first time Honda has shipped products to Rhode Island shores.  Quonset Development Corporation spokesman David Preston says he hopes the addition of Honda will help to build economic growth in Rhode Island.

Democratic gubernatorial candidate Gina Raimondo joins Political Roundtable this week to discuss her plan meant to add manufacturing jobs; high-stakes testing; tax policy; the slow start to redeveloping former I-195 land; and other issues.

Democratic gubernatorial candidate Angel Taveras on Tuesday unveiled a plan to help provide unemployed Rhode Islanders with the skills needed to find jobs. 

Taveras says even though tens of thousands of Rhode Islanders are out of work, Rhode Island lacks a comprehensive job training program. If elected governor, he says he’d implement an initiative so that unemployed residents obtain the right skills through CCRI to get hired.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment The Bottom Line.

This week Dave and Mark talk with Bruce Lane, president-elect of the Rhode Island Association of Realtors. They discuss rising home prices in the state, the impact this bad winter has had on home sales and how the housing market affects the local economy.

 

 

When to Listen

You can hear The Bottom Line each Friday at 5:50pm.

The Bottom Line: What Will It Take To Pump Life Into RI's Economy?

Mar 3, 2014

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment The Bottom Line.

This week Chuck Hinman fills in for Dave, he and Mark talk with Dean of Providence College's School of Business, Dr. Sylvia Maxfield. They discuss efforts to pump life into the state's economy, such as the Make It Happen project, and what needs to be done to improve Rhode Island's business climate.

When to Listen

You can hear The Bottom Line each Friday at 5:50pm.

Flo Jonic / RIPR

Republican gubernatorial candidate Ken Block announced his “Block Plan” to “fix Rhode Island,” should he be elected governor.

Block outlined a series of major tax reforms he would pursue, including reducing the corporate sales tax from 9 percent to 7 percent.  That would make it the lowest in New England.

He also called for eliminating a $500 minimum tax for new businesses. Block said the current tax policy makes Rhode Island an uninviting place for businesses and entrepreneurs.

New Life For The 'Superman' Building?

Feb 11, 2014
RIPR FILE

There may be new hope for the tallest building in Rhode Island.  But efforts to rehab the so-called Superman building, in downtown Providence, failed just last year.

The 26 story building, built in 1928 went dark in April of last year, when its tenants, Bank of America, moved out. The owner, Massachusetts-based High Rock Development, proposed a plan to turn the office space into residences.

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 pour over the latest PBN survey of local businesses. PBN has been conducting the survey since 2008, and this one is more optimistic than in years past: it finds more businesses expect to hire in the coming year and capital investment is up.

Ian Donnis / RIPR

Second District Congressman Jim Langevin joins Political Roundtable this week to discuss President Obama's State of the Union address; Clay Pell's entry in the Democratic primary for governor; and his re-election battle with Republican Rhue Reis. 

Ian Donnis / RIPR

In the governor's race Republicans are responding to Democratic proposals to raise the state’s minimum wage.

It’s an issue that’s dividing candidates along party lines.

Providence Mayor and Democratic Gubernatorial candidate Angel Taveras was the first to give specifics about a plan to hike the minimum wage.

He’s proposing a two-dollar ten cent increase over the next four years; from eight dollars to ten-dollars ten cents by 2018.

Fellow Democratic candidate for governor, and state treasurer Gina Raimondo wants to see the same increase, but by 2015.

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