Economic Activity
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(Updated, July 10, 8:51 a.m.) The $2.4 million renovation of Kennedy Plaza will begin Tuesday, July 15, with an official groundbreaking ceremony, city spokeswoman Ann Gooding confirmed Wednesday. more
Rhode Island’s defense industry contributed $3.75 billion to the state’s economy in 2013 and supported as many as 33,806 jobs statewide, according to a report released Tuesday by the R.I. Defense Economy Planning Commission. The defense economy generated $1.93 billion in income for Rhode Island households last year as well as $106 million in tax revenue for the state. more
U.S. stocks fell a second day from record levels, with the Nasdaq Composite Index tumbling the most since April, as investors sold Internet and biotechnology shares before the start of earnings season. more
Job openings rose in May to the highest level in almost seven years, a sign the U.S labor market will help boost economic growth in the second half of this year. more
In May, 1.8 percent of all residential mortgages in Rhode Island were in some stage of the foreclosure process, compared with 2.4 percent in May 2013, according to a report released Tuesday by real estate data firm CoreLogic. more
This year’s Independence Day weekend gasoline prices were the most expensive since 2008. At $3.75 per gallon of self-serve, regular unleaded gas, Rhode Islanders are paying 15 cents more than last year. more
U.S. stocks fell from records, led by declines among small companies, as investors weighed valuations and speculated the Federal Reserve may raise interest rates sooner than expected. more
The trade deficit in the U.S. narrowed more than forecast in May on record exports, signaling a pickup in global growth that will boost American manufacturers. more
Demolition has begun at Rocky Point, launching the next phase of a $3.06 million project to restore and redevelop the property into a new coastal state park, the R.I. Department of Environmental Management said Wednesday. more
The Dow Jones Industrial Average climbed above 17,000 for the first time as data showed employers added more workers than projected in June and the European Central Bank disclosed details of its stimulus plans. more
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