In her more than five years in office, Gov. Gina. M. Raimondo has transformed how the state approaches economic development, largely through a revamped R.I. Commerce Corp.
Will it be enough to help the state avoid the “first in, last out” of recessions reputation it has earned? She acknowledges in this week’s cover story that even she is not sure.
The state is unquestionably in a better place economically than when Gov. Raimondo took office in 2015. Unemployment is down dramatically, investment is up across the state and businesses have generally profited.
How much of this is due to her policies and how much is tied to a generally strong national economy during her tenure is debatable. But what impact she has had on the local economy has been mostly through Commerce RI.
Her predecessor, former Gov. Lincoln D. Chafee, disliked tax incentives and sought to focus the agency on helping local businesses and municipalities. Raimondo created a cabinet-level commerce office and secretary. With the General Assembly’s support, she beefed up funding and staffing for Commerce RI and aggressively used incentives to lure new businesses to the state and grow those already here.
Legislative leaders have pushed back on some of the incentive programs in recent years, but the agency can point to 33 companies expanding or moving into the state since 2015.
It will likely take a recession to determine the true impact of Gov. Raimondo’s economic- development and jobs programs. But she can rightly take credit for having Commerce RI as well-positioned as it has ever been to help the state weather the damage when it does come.