R.I. Secretary of Commerce Stefan Pryor has once again taken a prominent role in the state's economic development.
The first to hold the commerce secretary title, Pryor stepped down in 2022 to make an unsuccessful bid for state treasurer. He later returned to Smith Hill for an 18-month stint as R.I.'s first housing secretary before transitioning back to the private sector.
Tapped by Gov. Daniel J. McKee in August to return to fill one of the most crucial roles in shaping Rhode Island's economic landscape, Pryor told Providence Business News that he intends to focus his second effort on both unfinished projects like the Superman building development while also attracting new investments and job growth, particularly in the life sciences, defense sector and blue economies, “areas where our assets are especially strong.”
Despite initial conflict between the McKee administration and Senate legal counsel over whether a cabinet nominee could begin work immediately without Senate confirmation, McKee spokesperson Matthew Touchette declined to address the controversy, only adding that Pryor "looks forward to seeking Senate confirmation ... once the Senate reconvenes."
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R.I. COMMERCE SECRETARY STEFAN PRYOR says the state can continue to leverage state investments to spur economic growth /COURTESY R.I. COMMERCE CORP.[/caption]
Since his return to state service, Pryor has been working with the business community and its government partners to look at the areas with the greatest potential to grow the economy by leveraging R.I. Commerce Corp.-run initiatives like RI Ready and other tax incentive programs to lure additional private investment.
“And we’ll do this while continuing to support the small businesses that are at the core of our economy – through the ongoing provision of loans, grants and technical assistance,” he said.
“When you look at economic development in our state, Rhode Island is experiencing real momentum,” he added. “However, like many states, we’re also navigating major challenges as federal policies change and global trends shift.”
When you left Rhode Island to work with a Texas-based investment firm, did you think you would ever end up back in state government, let alone returning as commerce secretary? Why did you agree to come back?
Actually, I never left Rhode Island. This state remained my home when I accepted a job as a partner with an impact investment firm. That said, I’m honored to be returning to state service. Having been commerce secretary for seven years previously, I viewed it as especially important to rejoin the R.I. Commerce team at this moment in time.
There’s an opportunity – despite the national and international volatility – to help craft a path forward, strengthen our competitive position and accelerate our economic momentum.
What is your relationship with leaders in the House and Senate and how important is that for you to be effective?
I’m grateful to have strong and collaborative relationships with the leaders of the General Assembly ... That collective focus has been essential in advancing key initiatives and addressing big challenges through tough time periods such as the aftermath of the Great Recession and the COVID era.
The state has invested hundreds of millions of dollars to tackle the housing crisis. Reflecting on your time as secretary of housing, how would you assess the outcomes in terms of return on investment? Do you see any areas where mistakes were made? Is there anything you would have approached differently setting up the department?
Though this work isn’t easy, I’m proud of the progress that Rhode Island has made on the housing front ... In recent years, we’ve seen an increase in the number of residential permits issued – from 1,436 in 2022 to 2,655 in 2024 – a record since the Great Recession. And currently, there are 1,718 new residential units in production across the state that are being supported through RI Housing, 1,218 of which are categorized as affordable. That’s on top of thousands of housing units that have been completed or preserved since 2021.
Of course, there is much more work to do ... But I believe the state ... has the potential to make significant additional progress.
Having served as commerce secretary for seven years, is there any unfinished business from that period you hope to complete during your current term? Have you been in contact with Superman building owners to assess the ongoing work there?
Yes, there is a pronounced need for more industrial property that’s ready to go when a manufacturer needs it – as is true at Quonset Business Park. Quonset is running out of land, but manufacturers continue to knock on our door. Through programs like RI Ready, we are preparing more industrial sites for private investment in locations across the state and gearing up to do more.
With respect to the Superman building, Commerce continues to work closely with the developer, and we are hopeful that the project will move forward. Currently, the developer is seeking additional federal financing that would help fill funding gaps.
Does statewide tourism suffer at all without a marketing director? Is there a timetable for hiring a new state tourism director?
Rhode Island’s tourism performance remains very strong, with most recent data reflecting a record 29.4 million visitors who spent $6 billion in our state last year. That said, we are far along in the hiring process for a new chief marketing officer and expect to make an announcement soon.
What is the budget outlook and focus for the R.I. Commerce Corp. next fiscal year? Will it need to operate with fewer resources?
It’s important to recognize the fiscal challenges associated with the state’s structural deficit as well as new costs resulting from federal HR1. Commerce’s [fiscal year] 2027 budget request reflects that reality but also demonstrates a commitment to maintaining the investments that drive economic growth.
We will need to be creative regarding the use of operating as well as capital dollars in order to invest in and propel our economy. Targeted investments will help companies expand and land in Rhode Island – and will create high quality job opportunities for Rhode Islanders.
(SUBS third paragraph to include life sciences.)
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
