slides: 25 Best Cities + Towns For Doing Business in Rhode Island

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Tuesday, March 19, 2013

Tracey Minkin, GoLocalProv Features Editor, with Scott O'Leary

What are the best cities and towns in Rhode Island for doing business?

GoLocal's new ranking, RI's Best Cities + Towns For Doing Business, takes an analytical look at every city and town in RI on a set of pro-business metrics: those big cities and small towns where a combination of factors make companies grow.

Our researchers culled municipally-distinct data on tax rates, workforce availability, cost of living index, economic indicators for short term and long-term job growth, even average driving time to TF Green Airport, to quantify a blend of factors that make for a pro-business environment. Because every city and state in RI complies by statewide measures, those metrics weren't included in GoLocal's research.

For more on GoLocal's methodology, go here. 

Top performers in 2013

The top performing cities and towns managed a balance of reasonable taxes and cost of living index performance, paired with robust indicators for growth, a good-sized labor force, and relative closeness to the business-friendly services of TF Green Airport. Warwick, which emerged in 2013 to claim the #1 spot, achieved that balance best--while its tax rates were high for the pool, it compensated with ample labor force, low cost of living, and of course, the shortest distance to air travel in the state.

Hopkinton, this year's #2 town, indicates the potential in RI's smaller towns that have aggressively courted business with low tax rates and a reasonable cost of living for both companies and work force. Hopkinton also logged the highest projected job growth projection (29.04%), adding to its overall economic outlook. Providence, which placed at #3 in 2013, overcame its high taxes with ample local labor force and very low cost of living. 

Coventry and North Kingstown, at #4 and #5, both offer similarly moderate tax rates to business combined with moderate cost of living, and good projected job growth (26.98% and 27.5%, respectively).

To see how the top 25 cities and towns ranked, and to compare tax rates and other data, see the slides, below. 

Sources: Tax rates: State of Rhode Island Dept. of Revenue Municipal Finance/2012 rates; Distance to TF Green: Google Maps; Cost of Living Index: Sperling's Best Places. 

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