At a meeting of the Economic Policy Council on Sept. 12 at Raytheon Integrated Defense Systems, Daniel Smith, president of the defense giant’s Portsmouth operation, complained that the state’s latest economic-development strategy lacked proposals for nurturing big business.
When asked by Gov. Don Carcieri and Michael McMahon, executive director of the Rhode Island Economic Development Corporation, what he needed, Smith said it centered on “recognition that our core centers of excellence are anchored by big companies.”
Smith’s lament is not new. The state has been criticized in the past for spending too much time – and money – trying to get out-of-state businesses to relocate here.
Now, a restructured EDC appears to be refocusing its attention on businesses that already reside here in Rhode Island.
We like the fact that this new approach is ambitious. The governor wants to see 20,000 new jobs by the time his four-year term is complete. And those jobs, he said, should carry above-average wages, full benefits and upward mobility.
“At the end of the day, this is about jobs, it’s about raising incomes and it’s about economic vitality,” said Carcieri. “And it’s the EDC that will drive it.”
That plan was unveiled at the EPC meeting held at Raytheon’s Portsmouth operation. In addition to the goal of 20,000 new jobs, the state’s other state goals are to “stimulate community enrichment” and to “improve quality of place.”
As for specifics, the EDC plans to send an experienced group of professionals out to Rhode Island businesses proactively. Unlike in the past, they will not wait to respond to an inquiry, according to EDC officials.
McMahon talks about targeting certain high-profile locations where development is most likely to happen, such as the proposed train station in Warwick and the Route 116 corridor in northern Rhode Island. He also points to renewing efforts to reduce red tape with regard to regulatory burdens and tightly focusing the business community’s legislative agenda.
It all sounds so good. And we are indeed optimistic that the pro-business atmosphere being fostered by Carcieri and McMahon will take hold.
But now we urge the business community, the owners and decision-makers at large and small companies throughout the state, to take advantage of the state’s new outreach effort.
And don’t wait. If you have serious suggestions regarding your industry, perhaps examples of how red tape has slowed you from even considering expansion or data that illustrates why a certain piece of legislation harms your business, call the EDC at 222-2601.
The Carcieri administration has publicly stated its desire to help your business grow. Do what you can to take advantage of that offer.
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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