Turning Providence Into an Exciting City to Do Business
Monday, March 24, 2014
GoLocalProv Business Team
Within the last week, Providence appeared at the top of two lists that shed a very favorable light on the city.
Movoto.com ranked Providence the #1 Most Exciting Mid-Size City in America and Livability.com ranked Rhode Island’s capital as the #2 Best Downtown in the nation this year.
"Providence named as the 'Most Exciting Mid-Sized City' is news that can be used to promote both the city and state," said BankRI's Director of Commercial Banking, Will Tsonos. "As discussed in in this column last week, Rhode Island needs to be at the top of these perception lists, especially as it relates to the business climate. Public policy needs to make it easier to do business in Rhode Island to encourages businesses to stay in or relocate to the state."
While it is always great to see your hometown receive the recognition that it deserves for its food, music, nightlife, youth, and beauty, these recent lists got us thinking – when will Providence climb the ranks of lists like top cities for economic prosperity and job growth?
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As of last month, Rhode Island’s unemployment rate is at 9%. While that number decreased from 9.5% in February 2013, it still is high above the current national average of 6.7%. When juxtaposed with the state unemployment rates for the other cities that cracked the top five of Movoto’s Most Exciting Mid-Sized Cities in America – Charleston, South Carolina (6.4%), Fort Collins, Colorado (5.5%); Eugene, Oregon (6.9%); and Syracuse, New York (7.2%) – Providence’s soars above them all.
Tax rates
With Rhode Island’s individual income tax rate at 5.99%, the corporate income tax rate at 9%, and the sales tax rate at 7%, Providence might be an exciting mid-size city to visit, but may not be best city to live in for job seekers or business owners. South Carolina’s tax rates are similar to Rhode Island’s, but put less of a burden on the residents of Charleston with a corporate income tax of 5% and a sales tax of 6%. Colorado’s income taxes for both individuals and corporations are only 4.63%, and its sales tax is a mere 2.9%. Oregon’s individual and corporate rates of taxation exceed Rhode Island’s numbers, however its nonexistent sales tax makes it a desirable destination for potential buyers. While New York’s taxes on both individuals and corporations are slightly higher than Rhode Island’s, its 4% sales tax rate bodes well for those who call the Empire State their home.
Brain Drain
Another alarming trend in the Rhode Island area, which is occurring mostly in Providence, is the number of college graduates leave the state to seek employment. This phenomenon, known as “brain-drain” results in the depletion of the state’s talent pool and skill set. Despite the Ocean State’s aesthetics, and Providence’s excitement as a mid-sized city, Rhode Island has a difficult time retaining the capable students who are trained here.
"Twenty percent of Rhode Island students that attend private colleges and universities stay in the state upon graduation," according to Dan Egan, President of the Association of Independent Colleges and Universities of Rhode Island. This number comes from a survey of over 2500 alumni published in 2011, which also revealed that those who had local internships while in college were more likely to find employment in the state after graduation.
While there is plenty to be excited about in Providence, these numbers in comparison to Charleston, Fort Collins, Eugene, and Syracuse all show there is room for improvement.
This column is part of an ongoing sponsored content series with BankRI.
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The Boss
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