Report: R.I. has 30th fastest-growing economy in nation

RHODE ISLAND was ranked as the 30th fastest-growing economy in the nation between 2020 and 2021, according to a report by Alabama-based air filter manufacturer filterbuy.com. / PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Rhode Island was ranked as the 30th fastest-growing economy in the nation between 2020 and 2021, according to a report released Tuesday by air-filter manufacturer filterbuy.com.

To determine its rankings of the fastest-growing state economies, researchers for the Alabama-based company used data from the U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, and U.S. Census Bureau. They calculated a composite score based on the following factors, all weighted equally: GDP growth, new business growth, employment growth, per capita income growth and population growth.

Data showed the Ocean State had a composite score of 41.64 with GDP growth of 8.9%, new business growth of 26.8%, employment growth of 3.9%, per capita income growth of 5.6% and a population decline of 0.1% between 2020 and 2021.

Nevada was found to have the fastest-growing economy in the nation. That state had a composite score of 86.12, with a GDP growth of 12.9%, new-business growth of 30.7%, employment growth of 6.8%, per capita income growth of 7.5% and population growth of 1% between 2020 and 2021.

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Montana, Idaho, Florida and North Carolina rounded out the top five fastest-growing economies.

Maryland was ranked 50th with a composite score of 16.30. Data showed a GDP growth pf 6.7%, new business growth of 18%, employment growth of 2.5%, pre capita income growth of 5.7%, while its population declined 0.1%.

New Hampshire was found to be the fastest-growing economy in New England. The Granite State had a composite score of 65.70, with a GDP increase of 12.1%, new-business growth of 19.9%, employment growth of 3.7%, per capita income increase of 8.3% and population growth of 0.7%.

Across the rest of New England:

• Maine was 15th with a composite score 57.74. That state’s GDP grew 9.8%, 26.6% growth in new business, employment increase of 3.7%, per capita income increased of 6.5% and population increase of 0.7%.

• Massachusetts was 31st with a composite score of 41.24%. That state’s GDP grew 9.3%, new business increased by 23.3%, employment grew 3.7%, per capita income increased by 7% and a population increase of 0.5%.

• Vermont was 33rd with a composite score of 38.28. That state’s GDP grew 8.2%, new business increased by 29.3%, employment grew by 2.3%, per capita income was 4.1% and a 0.4% population increase.

• Connecticut was 37th with a composite score of 34.70. That state’s GDP grew 7.3%, new business increased by 26.4%, employment growth was up by 2.7%, per capita income increased by 5.8% and the population increased by a slight 0.1%.

The full report can be found here.

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