Rhode Island Economic Development Corp. generated a direct benefit of $6.94 for every dollar of funding it received from the state last year, according to an EDC economic impact study released May 15.
The study says EDC worked with businesses that injected nearly $1 billion in capital expenditures into the state, through either expansion of existing businesses or arrival of new companies. The economic activity resulted in more than $300 million in construction payroll, which will result in more than $20 million in income tax revenue, EDC said.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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During the study period, which was the 2001 calendar year, EDC worked with 332 companies to create 6,479 new jobs, and helped retain 1,325 jobs that would have otherwise left the state, the study shows. The combined job creation and retention allowed the state to reap about $7.1 million in personal income taxes.
EDC worked with an additional 289 companies to secure more than $170 million in federal procurement contracts, which supported an estimated 1,800 additional jobs and contributed $1.69 million in personal state income tax.
