Despite having an unemployment rate that is lower than the national mark, Rhode Island remains a state with a problem.
Last week’s cover story documented the fact that too many of the jobs that have been created since the Great Recession are low-paying. This reality has two consequences. The overall economic impact of low-wage employment is less than that of higher-wage positions. And, low-wage jobs are the first ones to be cut when a recession hits.
As a result, Rhode Island’s economy is weaker than states with a better mix of jobs, and once there is a downturn, the Ocean State will suffer faster and longer than other regions.
This week’s cover story shines a light on one way out of this trap, even if it’s not a quick fix. Rhode Island’s universities and hospitals have had success in gaining national funding for innovative research. And while that research has not yielded as many patents and follow-on company creation as one would like, there is opportunity for more.
Voters approved $20 million to fund an innovation district connected with the University of Rhode Island. This is in addition to plans by the Cambridge Innovation Center to build a satellite operation in the former Interstate 195 land in Providence. Those two projects are a good start, but they are taking a long time to come to fruition.
The process from initial research to successful commercial use (and the good jobs that come with it) can take many years. For that reason alone, Rhode Island must move forward at a rapid pace to support more innovative research.
