ECONOMIC INDICATORS

Report: R.I. economic recovery is growing but ‘fragile’

COURTESY R.I. PUBLIC EXPENDITURE COUNCIL AND BRYANT UNIVERSITY
REVISED DATA FROM THE Current Economic Indicator report shows improved growth during the first and second quarters of 2012.
Posted 11/13/12

PROVIDENCE – Rhode Island’s economy grew faster in the first and second quarters of 2012 than originally published, according to the third-quarter Current Economic Indicator report, published by the R.I. Public Expenditure Council and Bryant University.

The report’s leading indicator, which projects the state’s next quarter of growth, estimated that Rhode Island’s economic recovery will increase at an annualized rate of 1.8 percent, more than three times higher than previous estimates.

The CEI for the third quarter increased by a 1.7 percent annualized rate, up from the revised growth of 1.1 percent during the second quarter. This 1.7 percent rate of expansion represents the highest rate of growth since the CEI was first published in 2010.

Despite what the report calls “encouraging revisions,” Rhode Island’s economic expansion “remains below the level to significantly impact the state’s jobs picture, and remains below national and regional growth.”

“Rhode Island must make strategic investments in its economy that will move the needle on job creation,” John Simmons, executive director of RIPEC, said in prepared remarks. “While we expect that the jobs picture is not as bleak as official estimates from the [U.S.] Bureau of Labor Statistics indicate, it is clear that Rhode Island is lagging the region and the nation when it comes to economic recovery.”

Over the third quarter, the Ocean State economy saw a 17.1 percent gain in leisure and hospitality employment, versus a 3.95 percent gain in the second quarter, as well as gains in construction employment, which more than doubled versus the previous quarter. The state’s unemployment claims also dropped, while state general sales and gross receipts taxes increased.

The state was negatively affected by declines in employment in the professional and business services, total wages and salaries, and the trade, transportation and utilities industries.

To see the full report, click HERE.

No comments on this story | Add your comment
Please log in or register to add your comment
Calendar
PBN Hosted
Events

Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Don't hesitate. Register today!
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
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.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News