Finding Real Solutions to Reverse Unemployment in Rhode Island
Monday, March 17, 2014
Rhode Island's unemployment rate has lived above the 9 percent threshold for 63 consecutive months.
While economic recovery efforts in the five other New England states seem to be faring far better--as the region's combined average unemployment rate was 6.9 percent in December 2013—it is clear that Rhode Island needs to find bold new solutions to help put the state's job market back on track.
"Rhode Island can no longer afford to be at the bottom or near the bottom of every listing of business friendly states," said BankRI's Director of Commercial Banking, Will Tsonos. "Perception plays a large role in weather a business decides to relocate to or remain in Rhode Island. While bold solutions are needed, it will take vision on the part of the entrenched establishments to compromise for the benefit of an overall strong economy."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTDecember 2013 New England Unemployment Rates
- Vermont: 4.2%
- New Hampshire: 5.2%
- Massachusetts: 6.4%
- Connecticut: 6.9%
- Maine: 7.4%
- Rhode Island: 9.3%
Small improvement
Earlier this month, the RI DLT released unemployment numbers for January that show a slight improvement, with the rate dropping to 9.2 percent. That number represents the lowest unemployment rate in the Ocean State since November 2008. Despite the rate drop, though, the number of employed residents decreased by 6,498 in January 2014 from one year prior.
Lardaro Report
In his most recent Current Conditions Index , URI economist Len Lardaro pointed out that new unemployment claims, the timeliest measure of layoffs, increased in January for the first time since August 2013. He also notes that Employment Service jobs--or temporary jobs--an important prerequisite for employment growth, decreased for the second consecutive month.
Finding solutions
Elected officials and candidates have offered their ideas to improve the job economy in the state. These ideas range from corporate tax breaks to attract outside business to bring jobs into Rhode Island, to regulation reform to encourage the growth of small and new business enterprises, to developing new strategies for increasing inbound tourism to the state.
Regardless of what steps are taken, real solutions for the job market will be vital to the progress of Rhode Island's economic development.
This column is part of an ongoing sponsored content series with BankRI.
Related Slideshow: 8 Discouraging Facts About Unemployment in RI
Related Articles
- NEW: RI Unemployment Rate Down Slightly in November
- NEW: Rhode Island’s Unemployment Rate Now Worst in Nation
- Unemployment Above 25% for Rhode Island Youth
- NEW: RI Unemployment Rate Drops To 9.4%
- NEW: Rhode Island’s Unemployment Rate Drops Again
- NEW: RI DLT Reports Lowest Unemployment Rate Since 2008
- NEW: RI Unemployment Rate Drops to 9.2 percent in January
- PODCAST: Rhode Island’s Most Unemployed Cities and Towns
- NEW: RI Qualifies For Increased Federal Unemployment Funding
- 8 Alarming Facts About Unemployment in Rhode Island
- NEW: RI Unemployment Rate Increased in December
- RI State Report: EDC Nominees, Unemployment & An E-Cigarette Ban
- DLT Director: RI’s Unemployment Rate Won’t “Turn Around Overnight”
- NEW: Rhode Island Unemployment Climbed to 9.1 Percent for August
- RI State Report: Unemployment, Gay Marriage & Fox’s Economic Plan
- Horowitz: Restore Unemployment Benefits to Long-Term Unemployed
- NEW: Rhode Island Unemployment Rate Increases
- RI Unemployment Higher than Originally Reported: Up to 9.3 Percent
- In Case You Missed It: RI Unemployed Hit by Big NY Bank Fees
- NEW: Rhode Island Unemployment Rate Up For May 2013
- Rhode Island’s Most Unemployed Cities and Towns
- NEW: RI Unemployment Numbers Dropped to 8.8 Percent in April
- NEW: Rhode Island Unemployment Remained at 8.9 Percent for June
- State of RI Slams Unemployed with High Fees Tied to JPMorgan Chase
