An over-reliance on low-productivity industry sectors and government spending has the state’s economy significantly lagging the rest of the nation, the Rhode Island Public Expenditure Council said on April 29.
RIPEC utilized six measures based on federal economic data it said shows Rhode Island’s economic growth lagged the nation from 2014 to 2024. During that 10-year span, Rhode Island’s rank decreased in every metric except median household income, with the most significant declines in labor force productivity, which dropped 14 spots,
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Rather than relying on less-prosperous sectors like healthcare and services, the state must boost growth sectors such as the blue economy and manufacturing, RIPEC said in its economic prosperity scorecard.
“While there are some positive indicators compared to other states, Rhode Island is challenged by modest incomes relative to our neighbors and a relatively high cost of living,” said RIPEC CEO and President Michael DiBiase. “Our economic output is weak.”
“We are losing ground in nearly every measure,” he said.
