Rhode Island Rhode Island ED Corp. 315 Iron Horse Way, #101 Providence, RI 02908 Keith Stokes, Executive Director 401-278-9100 Governor: Lincoln Chafee ( D ) riedc.com “The valuable land made available by the I-195 relocation is prime for job-creating development in the medical, research, and life-sciences industries.” — Gov. Lincoln D. Chafee, August 23, 2011 Population 2011: 1,052,006 Population growth forecast 2011-2015: 0.3% Median household income: $63,385 Work Force Education by Percentage Less than High School High School Diploma Associate’s Degree Bachelor’s Degree Graduate Degree 0 5 10 15 20 25 30 Private Sector Employment 405,700 jobs 10 % Manufacturing 14 % Goods Producing 40,600 jobs 57,600 jobs Property tax rank: 47 Top corporate tax rate: 9.0 Unemployment insurance burden rank by least percent of taxable wages: 40 Worker’s comp rank by lowest index: 28 Industrial power prices (per million BTU) : $35.90 Ranked by low price: 46 Median hourly wage for production occupations: $14.08 Right-to-work state? NO 86 % Service Providing 348,100 jobs Legislative Update • The state’s legislative press bureau summarized the 2011 regular session of the Rhode Island General Assembly on July 7, noting that the $7.7-bil-lion 2012 state budget reduced the state’s structural deﬁ cit without a major sales tax expansion. • The budget also instituted a study of whether Rhode Island would beneﬁ t from combined reporting and requires the Division of Taxation to issue a report on who gets state tax breaks and whether those breaks beneﬁ t the state. • The General Assembly approved legislation establishing an I-195 Redevelopment District Commission that will have responsibility for the disposition of land in Providence becoming available as a result of the relocation of I-195. • Legislation was passed to speed up the issuance of building permits, decreasing the time from 60 to 45 days for residential dwellings as well Did You Know? • A preliminary ﬁ scal year perfor-mance report showed that the Rhode Island Economic Develop-ment Corp. achieved a signiﬁ cant return on a $4.6 million ﬁ scal investment by helping to create or retain at least 4,686 jobs in the state between July 1, 2010 and June 30, 2011. • Quonset Business Park is home to 168 companies employing more than 8,800. Quonset’s Port of Davisville was the eighth-largest — and second-fastest-growing — auto importer in North America during 2010. • The Providence-New Bedford-Fall River Metro Area is home to 17 colleges and universities. Greater Providence has a median wage of $55,253 and a median age of 38.5. 110 JANUARY 2012 SITE SELECTION as smaller commercial building projects. • Bills were approved that direct the Board of Regents for Higher Educa-tion to maintain relationships between educational institutions and busi-ness/industry and to promote work force development through various career and technical educational programs. • A package of renewable energy-related bills was enacted to facilitate and promote installation of grid-connected and distributed-generation renewable energy; diversify the state’s energy-generation sources and stimulate economic development. • The Assembly passed legislation revising and updating the state’s Com-prehensive Planning and Land Use Act, the ﬁ rst substantive changes to the law since it was enacted in the 1980s, enacted to make the system more efﬁ cient and effective. Selected Corporate Facility Projects 2011 Company City Type Hasbro Inc. Toray Plastics Yardney Technical Products NuLabel Arpin Van Lines Providence Quonset Point Greenwich Providence West Warwick MF MF MF MF HQ/DW N/E E E N E N Product Games Plastics Storage Batteries Labels Moving & Storage Services Investment (in millions) $24 11 6 2 2 Employment 284 28 165 40 MF = Manufacturing OF = Ofﬁ ce HQ = Headquarters RD = Research & Development CC = Contact Center DW = Distribution/Warehouse N = New E = Expanded Target Industries: Defense & Homeland Security; Financial Services; Green Economy; Health & Life Sciences; Marine Trades; Manufacturing • Gov. Chafee and the RIEDC authorized plans to create a private-public partnership with the Greater Providence Chamber of Commerce to grow the state’s knowledge economy. The effort will be focus on attracting out-of-state busi-nesses to relocate near the high concentration of medical and research institutions, technical and creative talent, and high-tech companies already in downtown Providence.