Southwest carries more passengers than any other carrier at Green. It will establish two departures daily from Green to Reagan, beginning Nov. 6.
The early flight will leave at 6:15 a.m. and arrive at 7:55 a.m., said Patti Goldstein, a spokeswoman for the R.I. Airport Corp. An evening flight will depart from Green at 5:25 p.m. and arrive at 6:55 p.m.
Southwest, a discount fare carrier, is observing its 20th anniversary serving Rhode Island this month.
It now provides direct routes to Chicago via Chicago Midway International Airport, Baltimore and Washington via Baltimore/Washington International Thurgood Marshall Airport, and three cities in Florida: Ft. Lauderdale, Orlando and Tampa.
The service to Reagan, which is in Arlington, Va., adjacent to Washington, will complement existing flights to BWI in Baltimore, according to Goldstein.]]>
Collections in June alone amounted to $419,452 compared with $393,701 in June 2015, while collections grew to $4.1 million in the fiscal period that ended June 30, compared with $3.4 million in the prior year fiscal period. The DOR said the fiscal year growth more than doubled the previous fiscal year over fiscal year comparison.
This tax is remitted in full to the municipality in which the room rental took place.
The state agency also released its report on 5 percent hotel tax collections in June.
Five percent hotel tax collections grew 4.4 percent, to $2.1 million in June from nearly $2 million in June 2015, and increased 12.5 percent, to $19.4 million in the fiscal period that ended June 30 compared with the same period in fiscal 2015.
This tax is distributed between regional tourism districts, municipalities, R.I. Commerce Corp. and the Providence Warwick Convention & Visitors Bureau.
In the month of June, regional tourism districts received the largest amount from the tax, at $859,583, followed by municipalities at $513,655; Commerce RI at $431,470; and the PWCVB at $249,912.
During the fiscal year period, regional tourism districts received $7.6 million, while municipalities received $4.6 million; Commerce RI, $4.6 million; and the PWCVB, $2.4 million.]]>
Providence ranked ninth in Zillow's list of markets with the largest percentage of renters seeking to move out at 23.2 percent. San Jose, Calif., topped the list at 37.5 percent, followed by New Orleans at 29.3 percent and Hartford, Conn., at 29 percent.
Monthly rent in the Providence area was estimated at $1,587, a 2.5 percent increase over the year, versus $3,509 in San Jose, Calif., where rent costs climbed 3.4 percent during the same time period.
No New England cities were on the other end of the list - markets with the largest percentage of renters seeking to move in. First on that ranking was Nashville, Tenn., at 42.2 percent, followed by Raleigh, N.C., 38.1 percent; and San Jose, Calif., at 34 percent. San Jose has almost an equal number of renters seeking to both leave and move into the city.
Zillow used data from Renter Profiles filled out by renters as they prepared to move to determine which cities are attracting outsiders.
"Affordable cities like Nashville, Raleigh and Austin, which have strong economies and vibrant cultures are most attractive to renters from other parts of the country, while tech markets like San Francisco and San Jose have a high-churn rate with people frequently looking to move in and out," Zillow said.
It also said that markets attracting people from elsewhere in the country will experience rising rents, while markets that have a higher percentage of renters looking to leave show slower rent growth.
"An influx of people moving to new cities is among the drivers affecting demand and therefore affordability in many of today's housing markets," Zillow Chief Economist Dr. Svenja Gudell said in a statement.]]>
Evan Smith, Discover Newport president and CEO, said in a prepared statement released Thursday that residents of the island, which includes the towns of Portsmouth, Middletown and Newport, should be proud to be included among the top destinations in the country.
"While we're always grateful to have our fine destination recognized, it is especially meaningful when it's a publication's readers that make their voice heard," he added.
It was the only island in the Northeast to be recognized.
The award's website included a caption for Aquidneck Island, that states:
"The largest island in Narragansett Bay is where you'll find Newport, lined with elegant Gilded Age mansions straight out of an Edith Wharton novel. The City by the Sea is also a center for sailing. Pro tip: The Newport Jazz Festival, held in August each year, has played host to countless musical greats--;Duke Ellington, Nina Simone and John Coltrane, to name just a few. Pay a visit during the summer to see the next big thing in jazz. Getting there: Drive to Aquidneck Island from Providence, only about 40 minutes away."
Other honorees in the category included Longboat Key, Fla. (no. 9); Big Island, Hawaii (no. 8), Kiawah Island, S.C. (no. 7); Kauai, Hawaii (no. 6); Sea Island, Ga. (no. 5); Amelia Island, Fla.(no. 4); Hilton Head Island, S.C. (no. 3); Oahu, Hawaii (no. 2) and Maui, Hawaii (no. 1).
A record-breaking 300,00 Cond Nast Traveler readers, nearly double the number of respondents to the 2015 survey, cast votes in the publication's annual travel awards, highlighting 7,394 hotels, 606 cities, 500 cruise ships and 236 islands throughout the world.
This year's results from the Cond Nast Traveler Readers' Choice Awards, the longest-running travel industry awards, will be published in the November issue which will be on newsstands this week.]]>
New Media, whose GateHouse Media owns the Providence Journal, said net income fell to $2.8 million, or 6 cents per diluted share, for the quarter that ended Sept. 25 compared with net income of $6.1 million, or 14 cents per diluted share, for the year-ago quarter.
Revenue decreased to $306.8 million from $312.1 million last year.
Michael E. Reed, New Media president and CEO, discussed the acquisitions of the Columbia Daily Tribune in Missouri and Rochester Business Journal in New York in the release, noting the acquisition of the Rochester Business Journal marks the company's "third B2B media acquisition in the past nine months, and accelerates our expanding commitment to providing exclusive business information at a local level."
New Media also said it renamed its B2B publishing division, calling it BridgeTower Media; it features the company's legal, financial, real estate and government affairs publications and affiliated websites.
The combined cost of the Columbia Daily Tribune and Rochester Business Journal is $8.5 million, and will be reflected in fourth quarter results, New Media said.
The company also completed the $18 million acquisition of The Fayetteville Observer in North Carolina in the third quarter.
In addition, the company also saw 10.5 percent growth over the year in digital revenue, to $32 million, driven mainly by its Propel Business Services, which offers digital marketing solutions and is based in Quincy, Mass.
"As we enter the final months of 2016, I'm pleased with the progress the company has made year to date. We are very optimistic about the year ahead with regard to our deal pipeline and our organic growth initiatives.
New Media's business strategy remains intact and we are well positioned to continue to execute on our strategy of acquiring great local media assets at attractive valuations, investing in new revenue initiatives that we believe will lead to organic growth, and paying a substantial portion of our cash flow to shareholders in the form of a regular dividend," he said in a statement.]]>
The state also terminated Brigade Capital Management LP, Emerging Sovereign Group LLC, Partner Fund Management LP, Ascend Capital LLC and Samlyn Capital LLC, state Treasurer Seth Magaziner said in a news release. The state will redeem an estimate $585 million from hedge funds in the coming months.
Hedge funds' high fees are eating into returns and some of the investment pools provide less diversification than expected, Magaziner said last month when announcing the decision. Rhode Island will cut its hedge fund allocation to 6.5 percent from 15 percent. The state's current hedge fund assets are about $1.1 billion.
The majority of hedge fund redemptions are expected to be complete by the end of the fiscal year, the news release said.
Hedge fund investors pulled $28.2 billion from the industry in the third quarter, the most since the aftermath of the global financial crisis, according to Hedge Fund Research Inc. Hedge funds have been under pressure from investors critical of high fees and uninspired performance.
Rhode Island's stock-hedge funds lost 3.4 percent for the year ending Aug. 31, compared to a 2.83 percent gain for the HFRI Equity Hedge (Total) Index, according to the pension fund. By contrast, "real return" hedge funds, which are less volatile, have beaten a comparable HFRI index over three years 4.02 percent to 2.51 percent.]]>
Bookings for non-military capital goods excluding aircraft dropped 1.2 percent, erasing a 1.2 percent August gain that was stronger than previously reported, Commerce Department data showed Thursday. The median forecast of economists surveyed by Bloomberg called for a 0.1 percent drop. Demand for all durable goods eased 0.1 percent.
Business investment remained slow in the third quarter as moderating demand and weakness overseas prompted companies to hold back. Even with stability in the oil sector, an inventory correction and growth in consumer spending, manufacturing will probably see little more than a gradual improvement.
"Business investment has been mired in a slump for more than a year and there's nothing in these numbers to suggest it's about to break out," said Omair Sharif, senior U.S. economist at Societe Generale in New York. "It'll still be a small drag on third-quarter growth."
Orders declined for fabricated and primary metals, computers and electronics, and communications equipment.
The drop in bookings for all durable goods last month followed a 0.3 percent August advance that was better than previously reported.
Orders for non-defense capital goods excluding aircraft are a proxy for future business investment in items like computers, engines and communications gear. Even with the decline, bookings over the three months ended in September rose at a 5.2 percent annualized pace, indicating the worst of the investment slump is over.
Nonetheless, shipments of those goods, which are used in calculating gross domestic product, fell an annualized 4.4 percent in the three months ended in September. They were up 0.3 percent from a month earlier after little change in August. Compared with a year earlier, sales of capital equipment were down 5.2 percent.
On Friday, the Commerce Department will issue its first estimate of third-quarter GDP.
The durables report also showed bookings for non-military aircraft rose 12.5 percent following a 24.2 percent decrease.
Boeing Co., the Chicago-based aerospace company, said it received 55 orders for aircraft in September, up from 22 in August. Deliveries for the month rose to 72 from 59.
Durable goods orders excluding transportation equipment, which are often volatile from month to month, climbed 0.2 percent after a 0.1 percent gain.
Bookings for military capital equipment decreased 7.7 percent, and demand for non-defense durable goods rose 0.7 percent.
Durable goods inventories crept up 0.1 percent for a second month, while unfilled orders for non-defense capital goods excluding aircraft rose 0.2 percent.]]>
Jobless claims declined by 3,000 to 258,000 in the week ended Oct. 22, a Labor Department report showed Thursday in Washington. The median forecast in a Bloomberg survey called for 256,000. Continuing claims dropped to the lowest level since June 2000.
With the job market improving and the unemployment rate holding at or below 5 percent this year, fewer skilled candidates are available for openings, prompting managers to hold onto their staffers. Filings have been below 300,000 for 86 straight weeks -- the longest streak since 1970 and a level typical for a healthy labor market.
Estimates in the Bloomberg survey ranged from 245,000 to 270,000. The Labor Department revised the prior week's reading to 261,000 from an initially reported 260,000.
The four-week average of claims, a less-volatile measure than the weekly figure, increased to 253,000 from 252,000 in the prior week.
The number of people continuing to receive jobless benefits dropped by 15,000 to 2.04 million in the week ended Oct. 15. The unemployment rate among people eligible for benefits held at 1.5 percent. These data are reported with a one-week lag.
No states had estimated claims last week and there was nothing unusual in the data, according to the Labor Department.
Though applications for unemployment insurance are near historic lows, there are other factors that have pushed claims down, including cuts in the duration of benefits and changes to claim-filing technology.]]>
During its April report, Rhode Island fared better, ranking 37th.
"Key measures of overall state credit quality have worsened since Conning's last report in April 2016," Paul Mansour, a managing director, head of municipal research at Conning, and lead author of Conning's State of the States report, said in a statement. "Tax revenues are slowing while state expenditures are picking up, resulting in a drop in aggregate state reserves. General fund balances, an important measure of a state's fiscal health, have also declined: a healthy figure is 10 percent of annual state general fund expenditures. Yet, as of this report, combined state reserves were estimated to be equal to only 8.9 percent of state expenditures."
Conning found that Colorado, New Hampshire, Tennessee and Utah were the highest in credit quality, and that common factors among top-ranked states included strong economic growth and diversified economies. It said states with lower rankings tended to face larger legacy costs and have slower-growing economies that have hindered credit improvement.
For example, Rhode Island ranked low due to high unemployment (according to the August rate, which was 5.6 percent) and low personal income growth over the most recent 12 months.]]>
"The clean energy industry has hit an inflection point on the path to transitioning the U.S. - and much of the world - to a new energy system. We can foresee a time in the near future when all new energy investments will be in clean, advanced, responsive, resilient, sustainable energy systems," NECEC President Peter Rothstein said in a statement. "We congratulate tonight's winners for their contributions of innovative business models, leading technologies and significant deployment of clean energy in our region."
Schneider Electric, based in France with an office in South Kingstown, was named the Clean Energy Company of the Year. Schneider Electric develops connected technologies and solutions to manage energy and processes for utilities, industry, smart cities and others.
Deepwater Wind LLC, a wind project developer out of Providence, was named the Emerging Company of the Year. Deepwater is the developer behind the first offshore wind project in the U.S., the five-turbine Block Island Wind Farm project that is expected to be in operation by the end of November.
ACRE, a clean-tech incubator in Brooklyn, N.Y., affiliated with New York University that supports early stage business ventures, was named the Startup Supporter of the Year.
The event was held at the Renaissance Boston Waterfront Hotel and featured a keynote speech by R.I. Gov. Gina M. Raimondo.]]>