PROVIDENCE – Rhode Island’s gross domestic product grew for the third consecutive quarter but still trailed the average growth in New England and the nation, according to a new report from the Rhode Island Public Expenditure Council and the Center for Global and Regional Economic Studies at Bryant University.
The Ocean State’s GDP in the first quarter of 2022 was 5.1%, up from 4.3% in the fourth quarter of 2021, said the report released Thursday. The GDP growth of the New England region overall in the first quarter was 7.6%, above the national rate of 6.9%.
Rhode Island’s GDP estimation is derived from the two organizations’ Current Economic Indicator, an assessment of 14 economic metrics.
RIPEC and the Center for Global and Regional Economic Studies found Rhode Island’s economic outlook improved in several areas in the first quarter, though difficulties persist.
“We are continuing to see growth in Rhode Island’s workforce, but we still have fewer jobs than before the pandemic, and the state is trailing the region and nation in employment and GDP growth,” said Michael DiBiase, IRIPEC CEO and president. “Given these trends, there is need for continued support for Rhode Island’s economic recovery.”
Rhode Island’s unemployment rate fell from 4.7% in the fourth quarter last year to 3.9% in the first quarter of 2022. The state added 4,200 jobs quarter-over-quarter. The report also noted that Rhode Island regained 82.5% of the jobs lost during the pandemic, with construction and industry sectors recovering 100% of those jobs. Financial services, information services and manufacturing sectors experienced losses in the first quarter of 2022.
Non-farm employment increased by 4,200 in the first quarter of 2022, an increase of 18,600 jobs from the fourth quarter of 2021.
Rhode Island’s labor force participation rate fell for the second straight quarter by 0.2%.
Net sales tax receipts were 11.2% higher in the first quarter of 2022, but 0.5% lower from the fourth quarter of 2021.
The report can found here.
