Within a few weeks, the Volvo Ocean Race will be making its only North American stop. It will be a nearly two-week sailing extravaganza, with shore-based exhibits and activities, as well as an in-harbor race before the race participants head back into the open sea to cross the Atlantic.
A report that studied the economic impact of the last Ocean Race stopover in May 2015 estimated that the total economic impact of the 13 days on the state’s economy was $47.7 million. And organizers are hoping for at least that big an economic boost this time.
But as big a deal as the Volvo Ocean Race is, it is only one of many events coming to Rhode Island this year. The R.I. Convention Center expects to host 250 events this year, slightly more than last year, when they brought in $78 million in direct spending and more than $7 million in taxes.
If you get the idea that events are a big deal for Rhode Island’s economy, you are correct. But this is not the time to rest on our laurels.
The convention and meetings industry is a growing part of the U.S. economy, with more and more locations recognizing their economic impact.
Providence, Newport and the rest of the Ocean State present a strong value proposition to groups looking to hold memorable meetings. But with increasing competition, Rhode Island cannot afford to sit still. It must invest in its infrastructure and make sure that its hospitality attitude remains above par.
Anything less would result in fewer visitors and lowered economic health, something that would affect not only our visitors but the natives as well.
