Report: Economic Development Corporation Created Thousands Of Jobs In FY 2011
Thursday, September 29, 2011
The Rhode Island Economic Development Corporation (RIEDC) helped or retain nearly 5,000 jobs in the state during the last fiscal year, a significant return on a $4.6 million fiscal investment, a performance review of the organization shows.
During the 2011 fiscal year, the corporation worked with approximately 2,856 firms to provide them with technical support, access to capital, workforce development and expansion/relocation assistance through a variety of programs and business development services. The state’s official economic development organization also helped client companies of all sizes and stages of growth invest more than $162 million in new capital projects in Rhode Island.
“Our FY 2011 report shows that despite significant economic and fiscal challenges, the RIEDC continues to deliver tangible results in retaining and create jobs and helping companies succeed in Rhode Island,” RIEDC Executive Director Keith Stokes said.
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In the report, the RIEDC pointed to a number of success stories during the year, including working with Hasbro to expand part of its businesses to Providence, attracting Yardney Technical Products to relocate from Connecticut, bringing former Red Sox star Curt Schilling’s 38 Studios video game company to Providence, and convincing a Dartmouth, MA-based ambulance company to expand into Newport.
Hasbro, which is based in Pawtucket, will invest $24 million in the Rhode Island economy as part of the expansion, which is aimed at creating at least 284 new full-time jobs in the Ocean State. Up to 500 total jobs, including some employees to be relocated from Hasbro’s Pawtucket headquarters may be located at 15 LaSalle Square in downtown Providence within the next several years/
“As Hasbro continues to grow and evolve, we are excited about expanding our presence not only in Rhode Island but in the Capital City of Providence as well,” Hasbro CEO Brian Goldner said. “Rhode Island has been our home since 1923 and we look forward to remaining an active and important part of this community.”
Advancing Technology
Yardney, which is a subsidiary of Ener-Tek International, Inc., produces high-performance battery systems for air, land, sea and space applications. The RIEDC and Webster Bank partnered to provide the company with financing that includes a tax-exempt bond totaling $6 million from the Rhode Island Industrial-Recreational Building Authority (IRBA).
“We look forward to having Yardney become a vital part of Rhode Island’s growing advanced manufacturing industry and the creation of quality, high-paying jobs in our state,” Stokes said. “The RIEDC is pleased to have worked with Webster Bank to provide the company with financing support that will help bring their advanced manufacturing technology and business to Rhode Island.”
Yardney CEO Richard Scibel said its new facility will allow it to grow.
“We have been working with Rhode Island for the last several years to locate a facility that would meet our needs,” he said. “This facility not only provides for our current operations but gives us room for growth. We look forward to becoming part of the fabric of the community and state of Rhode Island.”
Incentives/Access To Capital
The RIEDC also helped create 918 full-time jobs utilizing tax incentives through the state’s Project Status, State Enterprise Zone and Innovation Tax Credit programs. Through a series of low-interest loans and bonds issued through to corporation, companies will also be able to create or retain thousands of Rhode Island jobs.
Stokes said the work wasn’t finished yet, but that he believes Rhode Island is on the right track when it comes to creating a friendly business climate.
“Much work remains to be done in critical areas, including access to capital for small businesses, streamlining the permitting process, urban revitalization and business cultivation and attraction,” Stokes said. “With leadership from Governor Chafee, the RIEDC Board in collaboration with the business community, we are implementing a concrete action plan for FY 2012 to improve the state’s competitiveness and develop a business climate that attracts and sustains long-term job and industry growth."
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