National lists and rankings of business activity are usually not kind to the Ocean State, where the business climate annually ranks among the nation’s worst.
A new report by CBRE Group Inc. on the top national markets for life sciences research talent places Boston and Cambridge, Mass., at the top of the list. Rhode Island is nowhere to be found among the top 25 or a secondary list of emerging markets, though state leaders are already moving to change that.
The fiscal 2024 state budget working its way through the General Assembly includes $45 million for investments in life sciences, with an active oversight role for the state. House Speaker K. Joseph Shekarchi and other state leaders think the funding can help Rhode Island become a hub for life sciences research and employment.
It’s a bold move that makes sense, given the state’s proximity to the powerful Boston market and the potential for local universities to help feed growth in the industry.
Rather than compete with Boston, Rhode Island leaders are smartly taking a cue from its success.