NORTH KINGSTOWN – The Quonset Business Park supported the generation of $128.8 million in state and local tax revenue in 2018, according to an economic impact report produced by Edi Tebaldi, professor of economics at Bryant University, released on Friday.
State and local tax income collection included $50.8 million in property taxes, which includes $7.7 million in payment in lieu of taxes collections to North Kingstown; $45.5 million in sales taxes; $22.9 million in personal income taxes; and $4.6 million in corporate taxes, among other collections.
Preparing for Potential Tax Changes
The upcoming 2024 election will have a major impact on tax policy, specifically provisions created…
Learn More
There were 11,439 employees at the Quonset Business Park in 2018, including 6,748 manufacturing jobs. The park was said to support, in total, 22,300 jobs in the state. The average annual wage of a worker in the park was $59,235, 19% higher than the average wage in the state.
The report said the business park, which is a former U.S. Navy base site, still has 246 acres of pad-ready sites and 46 acres of land that could be developed. The report also projected that if public and private investments continue to support the site, the park could support up to 32,546 jobs in the state by 2030.
“The new economic activity we have brought to Quonset over the past few years has been key to Rhode Island’s comeback,” said Gov. Gina M Raimondo in a statement. “From over a thousand manufacturing and engineering jobs at Electric Boat to new, 21st-century wind-energy jobs, Quonset is a hub of design and innovation. I look forward to continuing to work with businesses and community partners in creating jobs and building on this success.”
The study concluded that for every 100 jobs created at Quonset Business Park, the park supports another 95 jobs. It also said that every $100 in labor income at the park creates $86 in labor income elsewhere. Similarly, every $100 in output produced at the park results in $62 in output from other industries.
“The billions in private investment at Quonset is a direct result of the commitment of state and federal investments championed by our partners in government,” stated Steven J. King, managing director of the Quonset Development Corp. “Businesses are confident about their future at Quonset Business Park, reflecting the strong support shown by Gov. Raimondo, the General Assembly and our congressional delegation.”
The Quonset Development Corp. is a quasi-public agency.
