Business Insider: R.I.’s economy ranks 41st among states

RHODE ISLAND again failed to do well in a state ranking; this time, Business Insider rated state economies and the Ocean State placed 41st among the 50 states.
RHODE ISLAND again failed to do well in a state ranking; this time, Business Insider rated state economies and the Ocean State placed 41st among the 50 states.

PROVIDENCE – Rhode Island “has had a rough time since the Great Recession” and as a result, it landed in the bottom 10 in a listing of state economies by Business Insider.
The Ocean State, which came in at No. 41, was recognized for having pharmacy giant CVS Health Corp. in Woonsocket, but its high jobless rate, which at 6.8 percent was the fifth highest in the nation in December, was seen as a drawback.
Business Insider even did a profile on the state, “What’s the matter with Rhode Island?” in August, saying the Ocean State might be better considered a satellite of the Rust Belt, “as it’s been in a state of unending decline for nearly three decades.”

“Like the Rust Belt, the state faced a flood of cheap overseas competition, especially from east Asia,” the report read.

For the latest state economy ranking, the technology and business news website looked at six measures: recent changes in housing prices, nonfarm payroll job growth, unemployment rate, gross domestic product per capita, average weekly wage, and state government surplus and deficit.
Business Insider also examined if Fortune 500 companies were based in the state and which industries were “disproportionately important,” although the data was not included in the ranking.
“This helped us get a little more insight into what makes each state economy tick,” according to the website.
Some New England states fared worse: Vermont, No. 44 for little growth in its housing market; and Maine, No. 49, for an 0.84 percent increase in jobs between December 2013 and December 2014.

Massachusetts ranked the best among New England states at No. 10, for, among other factors, the highest weekly wages in the country at $1,158 in the 2014 second quarter. (The average weekly wage for the United States was $940 in the second quarter).

- Advertisement -

New Hampshire ranked No. 22 for its large manufacturing sector, Connecticut, No. 23 for reasons including its high weekly wage of $1,155, the second highest in the country.

The top spot went to North Dakota for its low jobless rate.

No posts to display