PROVIDENCE – Steve Webb, TD Bank’s regional president for southern New England, predicted 1% growth in Rhode Island’s economy over 2020, according to a statement based on data from TD Economics, the independent research arm of TD Bank.
Webb credited the slower growth rate – relative to neighboring Connecticut and Massachusetts – as a function of Rhode Island’s softer demographic backdrop.
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However, Webb also said in a statement, “There is an opportunity for the state to develop enhanced strategies for attracting new employees and businesses to the market. Already, Rhode Island is particularly focused on innovation and even has the Innovation Voucher program to help the state’s small businesses enhance their R&D capabilities by allowing companies with 500 employees or less to receive up to $50,000.”
Regionwide, Webb credited health-related industries, as well as technology and manufacturing, for aiding economic growth and encouraging both large and small companies to bolster their presence in the region.
Nancy Lavin is a staff writer for the PBN. Contact her at lavin@pbn.com.
