While the economy is clearly slowing, the most alarming message in this issue is our executive poll, which indicates less of a commitment by companies to either remain in Rhode Island or expand operations here.
Over the last few years we have seen a steady decline in commitment to Rhode Island.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
This should be a clear message to our legislators, economic development officials, and administration that while they may believe we’re doing better with existing businesses here, we’re not. The climate that they believe is improving, isn’t improving enough to increase commitment and contentment in the state.
Economists still point to taxes, the lack of major corporate headquarters and a negative political climate as impeding economic growth.
Here are some of the startling numbers that can be found on page three of this issue. In our latest poll, 20 percent said they were not committed to remaining in Rhode Island, compared to 4.5 percent in January 2000. Some 75 percent said they are committed to remaining here, a drop from 86.4 percent in January 2000 and 90.9 percent the previous year.
For the first time, a majority of our poll participants (55 percent) said they are anticipating opening some kind of operation out of state. In January of this year that figure was 46.1 percent, the previous January 31.8 percent and in January 1999 it was 27.3 percent.
This is a disturbing trend, and contradicts the belief among economic development officials that they are making inroads with some of our existing companies.
We have no doubt that the business climate is improving in Rhode Island, but apparently not enough yet to convince many in the business community that it will improve to a degree so as to become competitive with other markets that are eager to attract some of our best companies.
