For a decade Rhode Island’s business community has faced strong headwinds – first from the Great Recession, then a number of natural and manmade disasters.
In one way, the collapse of the global financial markets was just a coda on the slow but steady decline in the old Rhode Island economy. There is little chance that it will ever be what it was as recently as the beginning of this century.
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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The floods of 2010 laid low a number of companies, while the remnants of Hurricane Sandy ate up large chunks of the state’s Atlantic coast.
Then came Superstorm Schilling, otherwise known as the 38 Studios debacle, which while it did not bring Rhode Island’s economy to a screeching halt, certainly had a chilling effect on public investment in economic development.
And finally the state worker pension crisis and its drawn-out court battle consumed the rest of what might have been left in energy reserved for economic progress.
But 2016 seems like the year that Rhode Island moved forward more than backward. First off, the year began without the pension settlement hanging over whatever plans the state could make with its budget (and investments). And as the year progressed, more and more of the 38 Studios defendants in the state’s suit against them reached settlements, lifting a financial and psychological drag on the state.
And perhaps, most importantly, the occupant of the figurative corner office in the Statehouse is a believer in action. It was then-General Treasurer Gina M. Raimondo’s pressure that forced pension reform to happen. And as governor, Raimondo has become the state’s biggest cheerleader as well as the architect of programs designed to generate economic activity at home in the 21st century.
For much of the year it was unclear that her efforts were bearing fruit. But landing the new GE Digital office in June was a coup, one that had as much psychic value as the addition of at least 100 jobs in Providence in the high-wage Information Age economy.
This year’s list of the 10 Most Influential People in the Business Community are doers as well. Lifespan President and CEO Dr. Timothy J. Babineau and Care New England President and CEO Dennis D. Keefe are both transforming how health care is being delivered, through innovative contracts with health insurers and new connections with doctors, all while fighting an unpredictable business environment.
University of Rhode Island President David M. Dooley has been pushing for the school to be seen as an important player in the state’s economic future, and much of his effort is now bearing fruit, whether through the transformative academic-building program going on on campus, the South Street Landing advanced nursing education center or the just-approved innovation center that will further integrate the state’s flagship university with the business community. Bryant University, under the direction of President Ronald K. Machtley, is making its mark not only in Rhode Island but across the globe, with its pioneering academic program in China.
Perhaps the one person on this list whose contributions are not all positive is Providence City Council President Luis A. Aponte, who has shepherded a number of development-friendly initiatives through this fractious body but then dropped the ball on a desperately needed infrastructure bond in a clear game of brinksmanship with Mayor Jorge O. Elorza. Let us hope that 2017 brings more positive political leadership in City Hall, because Providence remains the linchpin for the state’s success. •
