Contrary to popular belief, Rhode Island has a strong and vibrant manufacturing sector that remains the backbone of the state’s economy. The time has long since arrived to forget the myth that manufacturing is dead and focus on the reality that our state has, and will continue to have, a dominant industrial sector that creates wealth and opportunity. The fact that Rhode Island remains a relatively highly industrialized state is something that should be both celebrated and loving supported. Unfortunately, neither is the case–myths die hard. Suppose it was a well understood and appreciated fact that the state was fortunate enough to have a sector of its economy that with only 17% of the state’s labor force generated approximately 45% of its Gross State Product. Further, suppose that sector consistently invested heavily in upgrading the skills of its workforce and paid its employees about 70% more than other sectors. Most people would probably come to the conclusion that this sector must be a “high technology” new economy cluster and they would be correct….its called progressive manufacturing and the state is loaded with firms that contribute mightily to the overall strength of the economy. The widely reported job losses in the manufacturing sector over the last few years actually a sign of strength and not weakness as manufacturers invest in the latest technology, upgrade their human capital and transform themselves into high productivity world-class producers.
At the Central Rhode Island Development Corporation (CRIDCO), our focus is on advancing the competitiveness and job growth potential of the 1,000 manufacturing firms in our region which is made up of the nine communities of Coventry, Cranston, East Greenwich, East Providence, Exeter, Johnston, North Kingstown, Warwick and West Warwick.
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Our Corporation, has a different and unique wealth-creating approach to economic growth based on regional cooperation, leveraged financial support, business strategy and world-class technical assistance to our region’s manufacturing firms. With our innovative Growth TEAM delivery system, CRIDCO is able to work directly with manufacturers who want to transform themselves into high-growth progressive producers. Our financial support is provided in the form of “vouchers” which, when combined with other sources of funds, provides the kick-start for manufacturing firms to embrace specifically designed growth initiatives that are the keys to healthy firms and a growing state economy.
In the last three and one-half years, CRIDCO’s Growth TEAM has issued 92 “vouchers” to manufacturing firms in the central Rhode Island region to underwrite growth initiatives with a project value of nearly $3.5 million. Over the last year alone, these 92 progressive producers have posted operating results far superior to manufacturing trends nationally…employment is up nearly 21%, output rose over 24% and the gain in productivity for these firms increased by over 4%. In addition, the Central Rhode Island Development Corporation was instrumental in the start-up of two important firms which possess tremendous potential, the Southeastern New England Shipbuilding Corporation (SENESCO) of North Kingstown and Dominion Diagnostics of Warwick.
These impressive results were accomplished because we celebrate, appreciate and support manufacturing as the vital economic sector it is in the state’s economy. While myths may die hard, fact always beats fiction.
Please direct all questions regarding CRIDCO programs and assistance to Executive Director, Lawrence R. Kunkel via phone at 401 732 7003 ext. 102 or via e-mail at CRIDCO@aol.com.
