SmartAsset: Newport County tops in R.I. for local economy investment

SMARTASSET SAID NEWPORT COUNTY has the greatest amount of investment in its local economy among Rhode Island’s five counties. / COURTESY SMARTASSET
SMARTASSET SAID NEWPORT COUNTY has the greatest amount of investment in its local economy among Rhode Island’s five counties. / COURTESY SMARTASSET

PROVIDENCE – Looking at such things as growth in business and gross domestic product, new building permits and municipal bonds per capita, Newport County has the greatest amount of investment in its local economy among Rhode Island’s five counties, according to the latest SmartAsset study.
“Our study aims to capture the places across the country that are receiving the most incoming investments in business, real estate, government and the local economy as a whole,” SmartAsset said.
SmartAsset, a financial technology company, said Newport County stood out on the incoming investment index for its 0.1 percent business growth, behind only Bristol County which had business growth of 1.6 percent.
Newport County also had gross domestic product growth of $184 million, an average of 3.2 new building permits per 1,000 homes and $3,957 in municipal bonds per capita.

Providence County ranked second on the index, despite flat business growth and the lowest number of new building permits per 1,000 homes among the counties at 1.6. GDP growth, however, was $1.1 billion, and its municipal bonds per capita totaled $3,165.
Washington County ranked third, even with 0.4 percent negative business growth and the lowest in municipal bonds per capita at $162. Its rank was boosted by GDP growth of $254 million and four new building permits per 1,000 homes.
Bristol County was fourth on the list, and Kent County was last.
In Bristol County, business growth was 1.6 percent, while GDP growth was the lowest at $83 million. Kent County ranked the worst in business growth, with a negative 1.4 percent.
To come up with its findings, SmartAsset said it studied the change in the number of businesses established in each location over a three-year period, GDP growth (inflation adjusted) in the local economy, the number of new building permits per 1,000 homes and investment in municipal bonds. SmartAsset said it used total municipal bond debt raised by a county over the last five years, which it then divided by the population to get a per capita look at investment in local government.

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