CRANSTON – An analysis of Rhode Island’s tax data, released Monday by the R.I. Department of Labor and Training, shows more growth in the state’s private sector employment during the first quarter of 2013 than was originally estimated.
After analyzing tax data from 32,000 businesses, the DLT now estimates the number of Rhode Island-based jobs in March to be 468,600 – 1,700 more than originally estimated.
For the first quarter of 2013, estimates released by the DLT showed a year-over-year gain of 2,300 private-sector jobs.
The DLT’s analysis showed strong increases in both the construction and accommodation and food services sectors. The accommodation and food services sector saw an increase of 1,900 jobs. This revises the sector’s year-over-year performance from a loss of 800 jobs to a gain of 1,100. The increase of 1,100 jobs (or 9.5 percent) in the construction sector means that the sectors year-over-year job loss fell from 1,300 to 200.
Downward revisions were seen in financial activities and education services, with losses of 700 jobs each.
“The R.I. Department of Labor and Training has chosen to release its own revisions on a quarterly basis to better track the progress of the economic recovery,” said the release.
Quarterly estimates are based on tax data from 32,000 Rhode Island employers and are considered to have a smaller margin of error than the monthly estimates the department produces with the U.S. Bureau of Labor Statistics.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.