A key component of the Providence renaissance has been the sweat equity that the region’s artistic community has put into settling and slowly rehabilitating its often dilapidated industrial and commercial real estate. This is not to diminish the impact of the millions of dollars that developers have invested. But the money tended to follow the always-ahead-of-the-curve artists, who moved into areas that no one else wanted.
Now, Rhode Island’s artists are doing even more for economic development than just finding the latest, cheapest place to set down a studio. As evidenced by the Steel Yard in the Valley section of Providence and The Grant in Pawtucket, they have taken ownership, literally, of the places where they work. And they are creating communities of small businesses that are creative, collaborative and successful, with plans to do more.
Why does their success matter? Because Rhode Island can no longer give away the store to attract out-of-state companies to move here. There is no store. And frankly, it was never a good long-term plan, even when the state budget was in the black, rather than the black hole.
A better, more-winnable strategy always has been to make it attractive for our talented people – everyone from research scientists to jewelry makers – to stay.
That means streamlining business regulations through the R.I. Economic Development Corp., replenish the Slater Technology Fund, and keep the Historic Tax Credit available. The state must resolve the budget crisis while continuing to invest in the future, especially in areas – like the arts – in which we can stand out from the crowd.
