Publicly funded higher education and private industry rely upon each other. Public institutions of higher education – when properly funded and with adequate infrastructure – drive research and innovation. Private industry provides the necessary direction and focus to turn that research and innovation into economic growth and jobs.
We have an opportunity to do big things for both business and higher education now.
The business community is united in support of Question 1 this November because we know that the University of Rhode Island is one of our state’s most significant, longest-lasting and proven economic engines. We also recognize that the blue economy is our opportunity to take ownership of a rapidly changing industry and we can’t afford to pass up an opportunity to lead. The Partnership for Rhode Island is the state’s CEO roundtable. My members are the CEOs of the state’s largest employers – AAA, CVS Health Corp., Citizens Bank, Bank of America Corp., Hasbro Inc., International Game Technology PLC, FM Global and others. These companies employ tens of thousands of Rhode Islanders and many more globally, and they don’t make an investment without seeing a pathway for a return. The $100 million bond to modernize and strengthen the URI Narragansett Bay Campus will catalyze hundreds of millions more in future economic opportunity. It will also provide Rhode Island with a globally recognized and nationally competitive institution that is capable of driving research and development in everything from offshore wind development to sustainable fishing.
In Rhode Island, our connection to the ocean is more than a slogan. The potential of the blue economy has been touted by business and government leaders from both parties for decades. Former Gov. Donald L. Carcieri – a Republican – positioned the state to be the first in America to open an offshore wind farm. Gov. Daniel J. McKee – a Democrat – has expanded port infrastructure and job training to grow that industry in Rhode Island. To fully realize our potential, though, we need to establish Rhode Island as a hub of research and development for the blue economy by strengthening and modernizing the bay campus at URI.
A stronger bay campus will also strengthen Rhode Island’s positioning to compete for meaningful federal investment.
Earlier this year, the Partnership for RI teamed up with URI, R.I. Commerce Corp. and others to support a competitive U.S. Economic Development Administration grant that had the potential to infuse tens of millions of dollars into our blue economy. Unfortunately, our application was not selected. We are undeterred by this setback and have doubled down on our investments in attracting federal infrastructure and economic funds to Rhode Island. Our CompeteRI initiative is fully committed to building the most robust and most competitive blue economy in America. In doing so, our public and private-sector leaders are sending a clear message to federal agencies that Rhode Island is focused on our economic growth.
The investments we make today in higher education – everything from the Rhode Island Promise scholarship program at the Community College of Rhode Island and industry-responsive programs for nurses and teachers at Rhode Island College to once-in-a-generation investments in leading-edge academic and research infrastructure at URI – are down payments on a strong economy for tomorrow. If the state does not invest in higher education and we allow our academic infrastructure to age, we run the risk of falling behind our neighboring states. Worse, we risk sending a signal to employers that Rhode Island is not ready to compete.
By investing in URI, we can build a transformative, innovative economic engine that provides opportunities for the long term. That’s why Rhode Island’s CEOs join labor leaders, academic leaders, civic leaders and everyday Rhode Islanders in support of Question 1 and the blue economy bond.
Tom Giordano is the executive director of the Partnership for Rhode Island. He lives in Barrington.
