Starting with the Navy shrinking its presence nearly half a century ago, Aquidneck Island has lost more than one-quarter of its population, with Newport and Middletown accounting for the entire decline. And the state expects that trend to continue.
On the good side of this story is the recognition by local and state leaders that Newport, the urban hub of the island, needs to create a more diverse and resilient economic base that diminishes the seasonal nature of so much of the economy, driven by tourism.
The state has approved $2.1 million in Rebuild Rhode Island tax credits as part of a $7.1 million plan to redevelop the Sheffield School into an innovation center for defense-sector industries, including underwater technologies and cybersecurity.
Job growth in high-paying, innovation economy jobs cannot happen soon enough. Because the last – and perhaps most important – piece of this puzzle is housing, and there the problem is significant.
Based on data from HousingWorksRI at Roger Williams University, the median single-family home costs $405,000 in Newport, meaning that in order to afford to buy that home and not be overly burdened, a family would need to have an income of $104,750. Yet the median family income in Newport is $61,320. Middletown and Portsmouth are not much better.
It is imperative that Aquidneck Island leaders, while investing in job creation, also invest in affordable housing. Because if no one can afford to live there, it won't matter how many jobs are available. •