Rhode Island 46th for growth of economy

Rhode Island’s economy was ranked the 46th fastest-growing state economy in the U.S., according to a recent analysis done by Business Insider.
“The majority of Rhode Island’s economy is service-based, specifically focusing on health care and education,” the publication wrote. “The state has seen a decline in manufacturing after the textile industry moved South, and the jewelry industry has been outstripped by foreign competitors.”
Additionally, Business Insider said that from June 2013 to June 2014, Rhode Island’s wages decreased by 0.7 percent and the housing price index decreased by 1.2 percent. The state’s unemployment dropped by 1.6 percent.
Massachusetts ranked 10th in the analysis.
Colorado, California and Texas topped the list, while Alaska finished last in the analysis. •

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